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. Both approvals are required for changes of control at Turkish banks and typically involve detailed fit-and-proper assessments of the acquiring parties as well as competition scrutiny of the transaction's market impact.
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. The share transfer completion date was recorded on the same day, according to the press release published on Freedom Holding Corp's investor relations site.
The transaction gives Freedom Holding Corp control of a licensed Turkish deposit-taking bank as a platform for further development of its financial services activities in the country. The renaming of Turkish Bank A.Ş. as Freedom Bank A.Ş. aligns the acquired institution with the buyer's global brand and marks the start of the integration and rebranding process.
NEW BRAND FOR TURKISH FRANCHISE
Freedom Holding Corp, listed on the Nasdaq under the ticker FRHC, has been building out a diversified financial services presence across multiple markets in recent years. The acquisition marks a significant step in that expansion by adding a Turkish banking licence and existing customer relationships to the group's platform, extending the buyer's reach into a large emerging market.
The sellers, Özyol Holding A.Ş. and the National Bank of Kuwait, had jointly owned the substantial majority of Turkish Bank A.Ş. prior to the sale. The National Bank of Kuwait's decision to exit its stake represents a further step in the reshaping of foreign ownership interests within the Turkish banking sector, which has seen a number of ownership changes in recent years.
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. has historically operated as a mid-sized commercial bank in the country, providing corporate, commercial and retail banking services to a domestic customer base built over its years of operation.
With completion now achieved, integration and rebranding work will begin under the Freedom Bank name. Freedom Holding Corp has indicated in prior communications that its Turkish operations will form part of its broader strategy of developing an interconnected regional financial services franchise, anchored by the newly acquired banking licence and combined with the group's existing brokerage and investment businesses.
For the Turkish banking market, the completion of the deal adds a new international owner to the list of foreign-controlled banks operating in the country. The 99.32% stake acquired by Freedom Finansal Hizmetler A.Ş. leaves only a small minority in other hands, giving the buyer near-complete strategic and operational control of the newly branded Freedom Bank A.Ş. as it charts the next phase of the institution's development.