Freedom Holding acquires a controlling stake in TurkishBank in Turkey

Kazakh financial group Freedom Holding Corp. has agreed to purchase a controlling stake in the Turkish bank TurkishBank Group. The deal is pending regulatory approval.

According to the bank's disclosure, the main shareholders of the Turkish side — Ozyol Holding and National Bank of Kuwait — have agreed to transfer their stakes, which together account for 99.31% of TurkishBank's capital, to Freedom Finansal Hizmetler A.S., the Turkish subsidiary of Freedom Holding.

The financial terms of the deal are not disclosed. Previously, in 2025, Freedom Holding issued bonds worth approximately $600 million to fund its expansion into new sectors.

Company CEO Timur Turlov had previously stated plans to enter the Turkish banking market. According to him, the acquisition of a local bank will allow the group to obtain a banking license and expand its work with corporate clients in the region. He described entering the Turkish market as a "logical next step" in the strategy for regional growth.

Founded in 2008, Freedom Holding operates in 22 countries and manages assets worth approximately $10.35 billion.

TurkishBank Group traces its history back to 1901, when Nicosia Savings Box was established in northern Cyprus. The bank has been operating in Turkey since 1982. According to the latest data, its Turkish division includes four branches and manages assets worth approximately $223 million.

In 2007, National Bank of Kuwait acquired a 40% stake in TurkishBank for $160 million and became one of the key shareholders of the group.

In addition to banking activities, TurkishBank manages a number of financial and technology companies, including brokerage and investment services, insurance and insurtech projects, digital banking platforms, as well as international financial operations in the UK and Northern Cyprus.

Source: turkiyetoday.com