Kazakhstan's Freedom Holding Corp gets regulatory approval to buy Turkish Bank

Freedom Holding Corp.

Freedom Holding Corp.

FRHC

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ALMATY, July 1 (Reuters) - Kazakh financial services company Freedom Holding Corp. FRHC_KZ.KZ said on Wednesday it has received approval from Turkey’s banking regulator and antitrust authority to acquire a 99.32% stake in Istanbul-based lender Turkish Bank.

The deal covers only Turkish Bank's domestic operations, with its businesses in Cyprus and Britain excluded.

The acquisition provides Freedom Holding with direct access to the Turkish banking market, which serves a population of about 90 million people.

Freedom Holding provides banking, brokerage and other services in its core Central Asian markets, and has been looking to expand into other geographies, including Turkey, Pakistan and Europe.


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