Nasdaq’s first Russian-listed company eyes Türkiye’s finance sector

Freedom Holding, a Kazakh financial giant owned by billionaire Timur Turlov, is poised to enter the Turkish market following approval to establish a financial company.

According to the Turkish Capital Markets Board bulletin released on Jan. 9, Freedom Holding’s application to set up operations in Türkiye has been approved.

This development marks the second-largest Kazakh investment in Türkiye. Previously, Kaspi.kz acquired 65.4% of Hepsiburada, a popular Turkish e-commerce company from the Dogan Holding for $1.13 billion on Oct. 18, 2024.

After relocating to Kazakhstan in 2011, Turlov established Freedom Finance JSC and expanded into Ukraine, Kyrgyzstan, Uzbekistan, Germany, and South Cyprus. In 2019, Turlov took the company public, listing its shares on Nasdaq, making Freedom Holding the first financial entity from Russia to trade on the U.S. tech exchange.

Kazakh giant with $5.4 billion in assets

Freedom Holding recognized as “Russia’s Financial Elite” in 2018 and renowned for its rapid growth, ranked as the eighth-largest brokerage operating on the Moscow Exchange in 2022.

According to business-focused dunya.com, the company allocates 20%-30% of its annual revenue to growth initiatives in Türkiye and the UAE. With an annual revenue of approximately $600 million and $5.4 billion in assets, Freedom operates offices in 14 Kazakh cities and Bishkek, Kyrgyzstan. Additionally, it recently obtained a banking license in Tajikistan.

Following Russia’s invasion of Ukraine, Turlov earned a net worth of $2.2 billion as he moved all operations to Kazakhstan, making him the seventh-richest individual in Kazakhstan.