Kazakhstan's Freedom Holding Corp. is expanding its international footprint after agreeing to acquire a controlling stake in TurkishBank Group, marking a major step into the banking sector of Türkiye.

The deal will be finalized after receiving approvals from financial regulators, The Caspian Post reports via Kazakh media.

The bank’s key shareholders - Ozyol Holding and National Bank of Kuwait - have agreed to transfer 99.31% of TurkishBank’s capital to Freedom Finansal Hizmetler AŞ, the Turkish subsidiary of Freedom Holding Corp.

The Kazakh financial group had previously signaled its interest in entering the Turkish market. In December 2025, the company confirmed to Forbes Kazakhstan that it was negotiating opportunities to expand its operations in Türkiye, including the development of its digital banking services.

TurkishBank Group has a long history, originally founded in 1901 in Northern Cyprus as Nicosia Savings Box. The bank has been operating in Türkiye since 1982 and currently runs four branches with total assets of around $223 million.

Back in 2007, National Bank of Kuwait purchased a 40% stake in the bank for $160 million, becoming one of its major shareholders.

The founder and majority owner of Freedom Holding Corp. is Kazakh billionaire Timur Turlov. According to Forbes Kazakhstan, his fortune reached $5.8 billion in 2025, placing him second on the list of 75 richest businessmen in Kazakhstan.