International financial giant Freedom Holding Corp., founded by Kazakh billionaire Timur Turlov, has completed the regulatory approvals to acquire a majority stake in Turkish Bank A.Ş.
The Banking Regulation and Supervision Agency (BDDK) and the Competition Authority officially approved Freedom Financial Services A.Ş. to buy a 99.32% stake in the bank. The share purchase agreement was initially signed in February 2026. The acquisition strictly covers Turkish Bank A.Ş., while the TurkishBank Group's operations in the United Kingdom and Northern Cyprus are excluded.
New York-headquartered Freedom Holding plans to transform the 1982-established Turkish Bank into a digital flagship. The group aims to replicate its Kazakh digital ecosystem, which includes the Freedom SuperApp, in Turkey.
'The potential customer base in Turkey is four to five times larger than in Kazakhstan,' Turlov said. 'The bank acquisition creates the necessary foundation for us to scale this proven model.'
Freedom Holding also plans to build an integrated financial ecosystem combining banking, investment, and capital market services under one roof after obtaining permission from the Capital Markets Board (SPK).
