Freedom Holding has received regulatory approval from Turkey’s Banking Regulation and Supervision Agency (BRSA) for its planned acquisition of 99.32% of Turkish Bank, the company said in a press release on July 1.

Freedom Finansal Hizmetler, a subsidiary of Nasdaq-listed Freedom Holding, announced on July 1 that BRSA approval moves the transaction closer to completion and supports the group’s strategy of building integrated financial services platforms in key growth markets, the statement said.

Upon closing, Turkish Bank, a banking institution founded in 1982, will become part of Freedom’s regional platform in Turkey alongside its brokerage, investment and capital markets operations.

“Turkey is a strategic market for Freedom, and we are entering it with a clear understanding of what we want to build,” said Timur Turlov, founder and chief executive officer of Freedom Holding.

Turlov said Freedom aims to replicate in Turkey the digital ecosystem model it developed in Kazakhstan, where the company’s SuperApp has grown rapidly since launch.

“In less than two years since its launch, Freedom SuperApp has reached 5.67mn users and has become one of the country’s fastest-growing digital services,” Turlov said. “The acquisition of a bank creates the foundation for scaling a model that has already proven its effectiveness.”

Following completion of the acquisition, Turkish Bank will continue to operate under Turkish regulatory supervision while gaining access to Freedom’s expertise in digital financial services, technology-driven distribution, and product development.

BRSA approval comes as Freedom is also finalising the launch of its brokerage business in Turkey. Final authorisation from Turkey’s Capital Markets Board would allow the group to expand services for retail, affluent and high-net-worth clients, as well as small and medium-sized businesses.

Freedom plans to modernise Turkish Bank through digital transformation, expanded product offerings and improved operational efficiency.

The move strengthens Freedom’s expansion across Eurasia, the Middle East and Central Asia.

The group already operates a banking business in Tajikistan, has received approval to establish a bank in Georgia in late 2025, and has recently applied for a banking licence in France, where it plans to invest €500mn to develop its digital ecosystem.