Freedom Holding Corp. has received approval to launch brokerage operations in Turkey less than two weeks after completing its $33.4 million acquisition of a 99.32% stake in Turkish Bank.
On Aug. 13, Turkey’s Capital Markets Board (SPK) authorised Freedom Yatırım Menkul Değerler A.Ş. (Freedom Yatırım), a subsidiary of Freedom Holding Corp. (NASDAQ: FRHC; “Freedom”) to begin operating as a broadly authorised brokerage firm. The licence covers transaction intermediation, portfolio intermediation, investment advisory services and limited custody.
“Obtaining this operating licence is an important milestone for Freedom Holding Corp. It marks our entry into Turkey’s brokerage market as the first foreign company in 34 years to receive such broad authorisation,” said Timur Turlov, founder and chief executive of Freedom Holding Corp.
The brokerage licence marks another step in Freedom’s expansion in Turkey. On July 31, the group completed the acquisition of a 99.32% stake in Turkish Bank A.Ş. from Özyol Holding A.Ş. and National Bank of Kuwait. The stake was valued at $33.4 million, according to a filing with the U.S. Securities and Exchange Commission.
“Turkey will be our first market that is larger than Kazakhstan,” Turlov said in an April interview with Anadolu Agency. He said Freedom intended to apply the experience it had gained in Kazakhstan to Turkey, while adapting its products and technology to the local market.
Freedom has also said it expects to invest about $300 million in expanding its Turkish operations. The company said Freedom Bank, another subsidiary of Freedom Holding Corp., and Freedom Yatırım are expected to form the core of its digital financial platform in Turkey, combining banking and investment services with other digital offerings.
Bank and Brokerage
Freedom has been publicly discussing plans to develop banking and brokerage businesses in Turkey since 2023.
The SPK approved the establishment of Freedom Yatırım in January 2025, but the company did not receive permission to begin operations until Aug. 13, 2026. Freedom said on Aug. 19 that the brokerage was completing system testing and operational preparations ahead of a full-scale launch.
The company said Freedom Yatırım would use its TraderNet trading platform. Freedom also said the brokerage was integrated with Borsa Istanbul and planned to offer Turkish clients access to international markets, while giving the group’s clients in other countries access to Turkish securities.
Turlov told Reuters in February 2026 that Freedom was considering buying a bank in Turkey. The group signed an agreement in March to acquire 99.32% of Turkish Bank. Turkey’s competition authority approved the deal on June 30, and the transaction closed on July 31. Shareholders also approved a proposal to rename Turkish Bank A.Ş. as Freedom Bank A.Ş.
At the end of June, Turkish Bank had total assets of about 8.16 billion Turkish lira, deposits of 5.84 billion lira and shareholders’ equity of 949 million lira. It had six branches and 105 employees and posted a net loss of 41 million lira for the first half of 2026.
A Market of More Than 86 Million People
Turlov has cited Turkey’s market size, developed stock exchange and established culture of retail investing among the reasons for the group’s expansion into the country.
Turkey has a population of more than 86 million. About 6.78 million investors are registered in the country’s equity market, according to data from Turkey’s Central Securities Depository (MKK).
Turlov has said the size of the Turkish market would require more capital, investment and localisation than Freedom’s development in Kazakhstan. He said it could take about 18 months to build the core infrastructure before the group moves to the next stage of its expansion.
Freedom plans to launch its main financial business lines in Turkey, including insurance, within five years. Under its most optimistic scenario, the group could have a scalable suite of products in place by the end of 2027.
“We are building this business with a time horizon measured in decades,”Turlov said after the Turkish Bank acquisition was completed.
Global Presence and International Expansion
Freedom Holding, whose shares trade on Nasdaq, operates in more than 20 countries. The group had about $14 billion in assets at the end of June, while quarterly revenue rose 40% year-on-year to $732.5 million. Kazakhstan remains Freedom’s main market, where the group operates banking, brokerage, insurance and a range of digital financial services.
Tajikistan was among the first markets where Freedom took its banking model beyond Kazakhstan. The National Bank of Tajikistan granted Freedom Bank Tajikistan a banking licence in October 2024, and the bank began operating in the local market in October 2025.
Freedom later said it was using technology developed for its Kazakhstan business in Tajikistan, including its own card infrastructure, a housing savings and mortgage product and automated card-issuance machines.
Beyond Turkey and Tajikistan, Freedom is working on the launch of a bank in Georgia. In June, the group also applied for a banking licence in France, where it plans to invest about 500 million euros in developing a digital financial platform.
Freedom is also exploring an entry into Pakistan. Turlov told Reuters in February that the group was considering new banking ventures in Europe and Asia, as well as a potential secondary share offering in Hong Kong to help fund its international expansion.
About Freedom Holding Corp.
Freedom Holding Corp. provides financial services in 24 countries, including Kazakhstan, the United States, multiple EU countries, Uzbekistan, and Armenia. The Company’s principal executive office is located in New York City. In Kazakhstan, Freedom is actively developing its financial and digital ecosystem, which includes Freedom Bank, Freedom Broker, the insurance companies Freedom Life and Freedom insurance, as well as a lifestyle segment that features Arbuz.kz, Freedom Ticketon, and Aviata. Freedom Holding Corp. shares are traded on the U.S. technology exchange NASDAQ, the Kazakhstan Stock Exchange (KASE), and the Astana International Exchange (AIX) under the ticker symbol FRHC. Freedom Holding Corp. is regulated by the U.S. Securities and Exchange Commission (SEC) and the common stock is included in the Russell 3000 Index. For more information, visit www.freedomholdingcorp.com.