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Kazakh financial group Freedom Holding has agreed to buy controlling shares in TurkishBank Group’s Türkiye operations, pending regulatory approval.
According to a public disclosure by the bank, Ozyol Holding and the National Bank of Kuwait (NBK), the main shareholders of the Turkish side, agreed to transfer their stakes representing 99.31% of the bank’s capital to Freedom Finansal Hizmetler AS, the Turkish subsidiary of Kazakhstan-based Freedom Holding.
The financial terms of the acquisition were not disclosed, but the company earlier issued about $600 million in bonds in 2025 to fund expansion into new sectors.
Freedom Holding had previously signaled its interest in entering Türkiye’s banking sector. The company’s chief executive officer, Timur Turlov, confirmed plans to acquire a bank in the country as part of the group’s regional expansion strategy to provide Freedom Bank with access to a new corporate client base.
Turlov described entering the Türkiye market as a "logical next step," saying the company plans to obtain an operating license by acquiring a second-tier bank.
Founded in 2008, Freedom Holding operates in 22 countries and manages total assets of $10.35 billion.
Established in 1901 as the Nicosia Savings Box in northern Cyprus, TurkishBank Group has operated in Türkiye since 1982. Its Turkish operations include four branches with about $223 million in total assets, according to the latest available data.
In 2007, the National Bank of Kuwait (NBK) bought a 40% stake in TurkishBank in a $160 million deal, becoming one of the bank’s key shareholders.
The group also runs a range of financial and technology subsidiaries, including brokerage and investment services, insurance and insurtech operations, digital banking and financial technology platforms, international banking activities in the United Kingdom and Northern Cyprus, and investment advisory services.
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