Ankara, Turkey. Freedom Holding Corp has received approval from Turkish regulators to acquire Turkish Bank A.S., according to CEO Timur Turlov, in a move he described as a key step in the company’s international banking expansion strategy. The transaction is expected to close soon, with final agreements to follow.
Regulatory approval received
Turlov said on Wednesday that Freedom Holding Corp had obtained approval from Turkish regulators to acquire Turkish Bank A.S., which he described as a well-established bank with a strong reputation, a full banking licence and nearly 45 years of history.
Expansion into Turkey
He said the acquisition marked a pivotal step in the group’s entry into the Turkish market and described the development as one of the most significant milestones in the company’s history, second only to its Nasdaq listing in 2019.
Market potential
Turlov said Turkey, with a population of nearly 90 million, offers strong growth potential supported by a large middle class and a relatively young population. He said the median age is around 34, which he noted is very close to that of Kazakhstan.
Digital services strategy
He said younger demographics tend to accelerate adoption of digital financial services, which is central to Freedom’s strategy. Turlov pointed to the company’s experience in Kazakhstan, where its SuperApp reached 5.67 million users in two years.
Kazakhstan experience
According to Turlov, the platform became the fastest-growing digital service in Kazakhstan and was at one stage the most downloaded application in the Apple App Store.
