Freedom Holding Corp completes acquisition of Turkish Bank A.Ş., renaming it Freedom Bank

Freedom Holding Corp announced on Friday that it had completed the acquisition of 99.32% of the share capital of Turkish Bank A.Ş., which will be renamed Freedom Bank A.Ş., with the share transfer officially completed on 31 July 2026 through its wholly owned subsidiary Freedom Finansal Hizmetler A.Ş.

The Nasdaq-listed group acquired the stake from Özyol Holding A.Ş. and the National Bank of Kuwait after receiving the necessary approvals from the Banking Regulation and Supervision Agency and the Turkish Competition Authority on 1 July 2026. Financial terms of the acquisition were not disclosed in the announcement issued by the buyer.

REGULATORY APPROVALS SECURED

Approvals from the Banking Regulation and Supervision Agency and the Turkish Competition Authority were received on 1 July 2026, clearing the final regulatory hurdles ahead of completion.

With those approvals in place, the share transfer was formally completed on 31 July 2026, transferring 99.32% of the target's share capital to Freedom Finansal Hizmetler A.Ş., the Turkish subsidiary of Freedom Holding Corp.

Freedom said the acquisition provides the foundation for it to introduce and scale in Türkiye a comprehensive ecosystem of financial and lifestyle services centred around the bank. The General Assembly held on 31 July 2026 appointed a new Board of Directors, chaired by Freedom Holding partner Vladimir Pochekuev, and resolved to change the bank's trade name to Freedom Bank A.Ş.; the resolution has been submitted to the Trade Registry for registration.

NEW BRAND FOR TURKISH FRANCHISE

Freedom Holding Corp, listed on the Nasdaq under the ticker FRHC, describes itself as an international financial services group operating in more than 20 countries. It said the transaction is expected to strengthen its position across Eurasia, the Middle East and Central Asia.

The sellers, Özyol Holding A.Ş. and the National Bank of Kuwait, together held the 99.32% stake that was transferred.

Freedom Holding Corp's press release on its investor relations site set out the mechanics of completion and confirmed the rebranding to Freedom Bank A.Ş. Turkish Bank A.Ş., which has a history dating back to 1982, provides corporate, commercial and retail banking services.

Timur Turlov, founder and chief executive of Freedom Holding Corp, said the group's task in the coming years is "to strengthen the Bank's capital and technological capabilities so that the ecosystem can grow rapidly around it". In its 1 July announcement, Freedom said the bank would become part of the group's regional platform in Türkiye, alongside its brokerage, investment and capital markets businesses.

Turlov has joined the board of Freedom Bank A.Ş., alongside Hikmet Cenk Eynehan, who is also the bank's chief executive, Furkan Evranos and Ayşe Hale Yıldırım.