Freedom Finansal Hizmetler has received approval from Türkiye’s Banking Regulation and Supervision Agency (BRSA) and the Competition Authority of Türkiye for its planned purchase of 99.32% of Turkish Bank.
The stake is being acquired from Özyol Holding and the National Bank of Kuwait.
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The TurkishBank Group’s operations in the UK and Cyprus are excluded from the transaction.
Once the deal is completed, Turkish Bank, established in 1982, will join Freedom Holding’s operations in Türkiye, alongside its brokerage, investment and capital markets units.
After completion, Turkish Bank will remain under Turkish regulatory oversight. It will also be linked to Freedom’s digital financial services, technology-based distribution and product development activities.
The BRSA decision comes while Freedom Holding is at the final stage of setting up its brokerage business in Türkiye.
If it receives final approval from the Capital Markets Board of Türkiye, the group would be able to widen its offering for retail, affluent and high-net-worth customers, as well as small and medium-sized enterprises and corporate clients.
In time, the bank may also extend to non-financial areas, including e-commerce, telecommunications and lifestyle services.
Freedom Holding expects the transaction to increase its footprint across Eurasia, the Middle East and Central Asia, in line with its longer-term investment plans in selected growth markets.
Freedom Finansal Hizmetler CEO H. Cenk Eynehan said: “BRSA approval is an important step toward implementing our strategy in Türkiye.
“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. Our priority will be to create additional value for clients through innovation, accessibility and an expanded range of financial products and services.”
In June, Freedom Holding applied to the French regulator for a banking licence. Timur Turlov said the company intends to invest about €500m ($569.5m) in building its digital ecosystem in France.
