Freedom Holding to acquire 99.32% stake in Turkish Bank

Freedom Holding (FRHC) has announced an agreement to acquire 99.32% of the shares in Turkish Bank A.S. The sellers are Ozyol Holding and the National Bank of Kuwait. The transaction is subject to approval by the relevant regulatory authorities in Turkey. The parties had previously announced their intention to conclude the deal, but the key parameters have now been disclosed, including the size of the stake being acquired. The purchase of the bank provides Freedom Holding Corp. with direct access to Turkey’s banking market, which serves a population of around 90 million people, and represents an important stage in the development of the group’s ecosystem in the Turkish market. The transaction includes only Turkish Bank A.S., which has been operating in Turkey since 1982. The TurkishBank Group’s divisions in the United Kingdom and Cyprus are not part of the deal. Following the completion of the transaction, Freedom plans to invest in the bank’s technological modernization, accelerate its digital transformation, and expand its product offering with a focus on retail customers as well as the small and medium-sized business segment.