Freedom Holding Corporation is exploring the possibility of entering the Turkish market, as announced by CEO Timur Trulov in Almaty. Although a final agreement hasn’t been signed yet, the company views Turkey as a strategic part of its regional growth plans, especially in light of the rapid digital finance developments and increased connectivity in the area.
Trulov mentioned that Freedom is examining the regulatory landscape, competitive environment, and various entry strategies, but they prefer not to make any premature announcements until a formal deal is in place. He emphasized that entering new markets requires a thoughtful consideration of both long-term and short-term factors.
“I’d rather not spoil the news or announce anything prematurely. We haven’t finalized anything, but we are looking at organic growth.” He also acknowledged that there are different scenarios they might consider based on strategic suitability, though this doesn’t confirm or dismiss options that have been speculated in international reports.
Türkiye: A Market of Strategic Interest Rather Than a Major Acquisition
Trulov clarified that Freedom is not aiming for significant acquisitions in Turkey. The focus is on entering the market organically through licensing instead of buying large banks. This way, Freedom can adopt a digital-first approach without the complications of integrating outdated systems. However, the company remains open to opportunities that fit its operational philosophy.
“We’re attempting to license instead of acquiring a large institution. In this way, we’re quite similar to our competitors,” he noted, referencing recent actions by Kaspi.kz and Rabobank Turkey.
This strategy aligns with Freedom’s broader goal of creating a financial ecosystem based on its proprietary technology, rather than dealing with legacy systems that may impede future growth.
Which Banks Could Freedom Acquire?
While Trulov didn’t specify any particular banks, Bloomberg has previously reported that Freedom Holding showed interest in Turkish Bank AS. He did not address these reports directly, except to reiterate that the company is exploring various market entry methods and does not plan to pursue “large-scale” acquisitions. His remarks leave room for interpretation, yet Freedom’s official stance has remained cautious and steady.
Turkish Bank AS, part of the Turkish Bank Group, has a long-established presence in Turkey, originating in 1982 as a branch of Turkbank Bank of Cyprus. In 1991, it gained independence as a legal entity in Turkey.
Its main businesses include corporate and commercial banking, retail and private banking, project finance, and fund management, operating through Turkish Securities.
Currently, Turkish Bank operates six branches with assets of 132 million euros but reports a net profit of zero, according to the Turkish Bankers Association.
In contrast, Rabobank, which is targeted by Kaspi.kz, has assets of €45 million and just one branch, yet it generated a net profit of €6 million as of September 30, 2025. This highlights the varied financial landscapes of small banks in Turkey and illustrates why different investors might pursue diverse strategies.
Greater Freedom in the Post-Soviet Region
Freedom Holding has consistently expanded in the post-Soviet region over the years. Trulov mentioned that the company executes about ten mergers and acquisitions annually, reflecting a strategic push to enhance its presence in key markets where digital growth is accelerating.
Recently, the group also received approval to open a bank in Georgia, positioning itself as one of the most advanced financial ecosystems in Eurasia.
“I’m confident this won’t be our last agreement in the post-Soviet region,” Trulov added.
Freedom Technology as an Exportable Asset
Trulov underscored that technology is Freedom Holding’s primary advantage. The company continues to improve its internal processes and digital frameworks, enabling solutions to be exported and implemented in new regions with minimal adjustments.
Freedom aims to create a regional network of digital banks that share a common technology infrastructure. This model allows for quicker scaling, easier updates for compliance, and smooth integration of cross-border services—areas where traditional banks often struggle due to their fragmented systems.
The goal is to act as a financial bridge across Central Asia and the Turkish region.
“We want to empower individuals to send money throughout the Turkic world without leaning heavily on Western or other external infrastructures,” Trulov emphasized.
About Freedom Holding Corporation
Freedom Holding Co., Ltd. is a prominent investment and brokerage group operating in Central Asia and Eastern Europe, led by CEO Timur Trulov.
In Kazakhstan, the company provides brokerage services through Freedom Broker and Freedom Finance Global. The group also encompasses Freedom Bank, Freedom Insurance, Freedom Life, among others, creating an integrated financial ecosystem that caters to both retail and institutional clients as it continues to broaden its geographic reach and technological capabilities.
