Freedom Holding Announces Launch of New Brokerage in Turkey

Rhea-AI Summary

Freedom Holding Corp. (NASDAQ: FRHC) has received approval from Turkey's Capital Markets Board to establish a new brokerage firm, Freedom Yatirim Menkul Degerler JSC. The company plans to enter the Turkish brokerage services market in 2025, leveraging its successful European technology platform that has attracted 320,000 customers.

CEO Timur Turlov expressed confidence in gaining market share through integrated mobile applications with banking services, offering access to both domestic and international markets. The company plans to allocate 20-30% of its annual profit for Turkish expansion. For the six months ended September 30, Freedom Holding reported total revenues of $1.03 billion and net profit of $375 million.

Positive

• Received regulatory approval to enter Turkish market
• Strong European presence with 320,000 customers
• Substantial revenue of $1.03B and net profit of $375M in last 6 months
• 20-30% of annual profit committed to Turkish market expansion

Negative

• Significant capital allocation required for Turkish expansion may impact other operations

ISTANBUL, TR / ACCESSWIRE / January 14, 2025 / Freedom Holding Corp., a Nasdaq-listed diversified financial services company, is establishing a new brokerage firm in Turkey. The Capital Markets Board of Turkey, the country's regulatory authority, has decided to grant a license to Freedom Financial Services Inc., a subsidiary of Freedom Holding, to establish the new brokerage company, Freedom Yatirim Menkul Degerler JSC.

Freedom Holding Corp.

At the end of 2024, the CEO and founder of Freedom Holding, Timur Turlov, announced the company's plans to enter the brokerage services market in Turkey during 2025.

Turlov stated that the company's advanced technology, which has been instrumental in its success in Europe-where it has attracted 320,000 customers-will be key to gaining market share in Turkey.

"By offering access to domestic and international markets, especially the U.S., we are confident that we can try to win in Turkey, especially thanks to our integrated mobile applications with banking services," said Turlov.

Freedom Holding Corp. is headquartered in Almaty, Kazakhstan, where it has already established its ecosystem model, integrating lifestyle platforms and financial services. This model could potentially serve as the foundation for developing a scalable international "everything application."

"For the people of Kazakhstan, Turkey is a brother nation," says Turlov.

It is expected that 20-30% of Freedom Holding's annual profit will be allocated for expansion in Turkey. The Holding reported record total revenues of $1.03 billion for the six months ended September 30, while its net profit for the same period amounted to $375 million.

About Freedom Holding Corp.

Freedom Holding Corp. is an international financial and investment services group specializing in capital markets, asset management, and brokerage services.

Freedom Holding Corp's common shares are registered with the United States Securities and Exchange Commission and trade on the Nasdaq Capital Market under the symbol FRHC. The Company has its principal market of operation in Kazakhstan and operates through its subsidiaries in 22 countries.

For media inquiries, please contact:

Natalia Kharlashina
PR Department, Freedom Holding Corp.
email: natalia.kharlashina@ffin.kz

SOURCE: Freedom Holding Corp

View the original press release on accesswire.com

FAQ

What is Freedom Holding's (FRHC) expansion plan for Turkey in 2025?

Freedom Holding plans to establish Freedom Yatirim Menkul Degerler JSC in Turkey after receiving regulatory approval, allocating 20-30% of annual profits for market expansion.

How much revenue did FRHC report in the last six months of reporting?

Freedom Holding reported total revenues of $1.03 billion for the six months ended September 30.

What percentage of FRHC's annual profit will be allocated to Turkish expansion?

Freedom Holding plans to allocate 20-30% of its annual profit for expansion in Turkey.

How many customers does FRHC currently have in Europe?

Freedom Holding has attracted 320,000 customers in Europe through its technology platform.

What services will FRHC offer in the Turkish market?

FRHC will offer brokerage services through integrated mobile applications with banking services, providing access to both domestic and international markets, especially the U.S.