Freedom Holding acquires Turkish Bank, rebrands to Freedom Bank

Freedom Holding Corp. completed the acquisition of 99.32% of Turkish Bank A.Ş. through its subsidiary Freedom Finansal Hizmetler A.Ş., after the Banking Regulation and Supervision Agency approved the transaction on July 1. The purchase, announced in March, transferred shares previously held by Özyol Holding and the National Bank of Kuwait. Following the share transfer, a general meeting approved renaming the lender to Freedom Bank A.Ş. The deal also coincided with a US$300 million ordinary share offering by Freedom Holding, providing fresh capital for its expansion.

The acquisition gives the group, founded by Timur Turlov, a direct banking presence in Turkey—a market that links Europe, the Middle East and Central Asia. Turkish Bank, whose origins date back to the early 1900s, brings an established customer base and infrastructure, allowing Freedom Holding to offer deposits, payments, lending and wealth‑management services under a regulated license. New board members include Vladimir Pochekuev as chairman, with Turlov and other executives joining the governance of the newly branded Freedom Bank.