Freedom Finansal Hizmetler A.Ş., a subsidiary of Freedom Holding Corp., announced that Türkiye’s Banking Regulation and Supervision Agency (BRSA) and Competition Authority of Türkiye have approved its planned acquisition of 99.32% of the share capital of Turkish Bank A.Ş. This regulatory approval marks a significant step in Freedom Holding Corp.’s strategy to establish integrated financial services platforms in selected growth markets. The transaction will integrate Turkish Bank A.Ş., an institution with a history dating back to 1982, into the Group’s regional platform in Türkiye, which already includes brokerage, investment, and capital markets businesses.

Timur Turlov, founder and Chief Executive Officer of Freedom Holding Corp., highlighted the strategic importance of the move, citing the success of the company’s digital ecosystem in Kazakhstan. “In less than two years since its launch, Freedom SuperApp has reached 5.67 million users and has become one of the country’s fastest-growing digital services,” Turlov said. He noted that the Turkish market offers a potential client base four to five times larger than Kazakhstan, providing a strong foundation for scaling the company’s proven digital model.

Following the completion of the acquisition, Turkish Bank A.Ş. will continue to operate under Turkish regulatory supervision while gaining access to Freedom’s expertise in digital financial services, technology-driven distribution, and client-focused product development. The bank is expected to support Freedom’s regional strategy by enabling deeper integration of banking services, capital markets, insurance, and cross-border financial solutions. Over time, the model may expand to include non-financial services such as e-commerce, telecommunications, and lifestyle offerings.

H. Cenk Eynehan, Chief Executive Officer of Freedom Finansal Hizmetler A.Ş., emphasized the value creation potential of the transaction. “Following completion of the transaction, we will have the opportunity to combine the heritage and market position of an established Turkish banking institution with Freedom’s technology, entrepreneurial culture and international expertise,” Eynehan stated. The company plans to implement a modernization and growth program focused on digital transformation, client channels, product expansion, and operational efficiency.

The BRSA approval comes as Freedom Holding is in the final stage of establishing its brokerage business in Türkiye. Final authorization from the Capital Markets Board of Türkiye would allow the Group to expand its financial products and services for retail, affluent, high-net-worth, small and medium-sized business, and corporate clients. The transaction is expected to expand Freedom Holding Corp.’s presence across Eurasia, the Middle East, and Central Asia, supporting its long-term investment strategy in growth markets.

Freedom Holding Corp. currently provides financial services in 22 countries, including Kazakhstan, the United States, Cyprus, Poland, Spain, Uzbekistan, and Armenia. The company’s banking business is already present in Tajikistan, and it has received approval to establish a bank in Georgia. In early June, Freedom Holding Corp. submitted an application to the French regulator for a banking license, with plans to invest approximately €500 million in developing its digital ecosystem in France.

Freedom Holding Corp. (NASDAQ: FRHC) has appointed Valeriy Kim as its new Chief Financial Officer, effective immediately. Kim succeeds Evgeny Ler, who served as CFO since 2015. This leadership transition aims to support the company's continued expansion in Kazakhstan, Europe, and other regions.

Executive Transition

Valeriy Kim joins the executive team from his previous role as Vice President of Finance at Freedom Holding Corp. and Chief Executive Officer at subsidiary Freedom Holding Operations LLP. Before this appointment, Kim served as CFO of Freedom Finance Global PLC from 2020 to 2024.

Timur Turlov, Chief Executive Officer of Freedom Holding Corp., highlighted Kim's experience in building the company's financial reporting, tax, and planning functions. Turlov stated that Kim is uniquely positioned to lead the finance function during the company's expansion.

Former CFO Role

Evgeny Ler will transition to the role of special advisor to the CEO. In this capacity, Ler will focus on financing and mergers and acquisitions activities. Turlov noted that Ler's experience will be a significant asset as the company explores innovative financing opportunities and pursues strategic acquisitions.

Background

Both Ler and Kim began their careers at Deloitte before joining Freedom Holding Corp. The company operates through several subsidiaries, including Freedom Holding Operations LLP and Freedom Finance Global PLC.