Kazakhstan’s fintech leader Kaspi.kz is reportedly in negotiations to acquire the Turkish subsidiary of Dutch banking giant Rabobank, according to Bloomberg sources. The deal is still in progress, with no final decision made, and any potential acquisition will require approval from Turkish regulators.
Kaspi.kz’s Growing Presence in Turkey
If completed, this would mark Kaspi.kz’s second major acquisition in Turkey in recent years. In January 2024, the company acquired a 65.41% stake in Hepsiburada, Turkey’s largest e-commerce platform, for $1.1 billion. The transaction involved an initial $600 million cash payment, with the remaining $526.9 million due within six months.
While no official valuation for the Rabobank Turkey deal has been disclosed, open sources indicate that the subsidiary’s non-consolidated assets stood at $52 million as of December 2024.
Kaspi.kz’s Strategic Moves in Financial Markets
The potential acquisition news coincides with the upcoming book-building for Kaspi.kz’s Eurobonds, scheduled by the Astana International Exchange (AIX) on March 17, 2025. The settlement date is set for March 26, with a minimum bid size of $200,000, although the total offering size remains undisclosed.
Dividend Suspension Signals Capital Expansion
In a related development, Kaspi.kz’s board proposed halting annual dividend payments, deviating from its usual quarterly dividend policy. The company cited the need to finance new business ventures, seize additional market opportunities, and allocate capital for expansion, as detailed in its 2024 Form-20F report.
Kaspi.kz’s Expansion Strategy in Turkey
Kaspi.kz’s recent acquisitions highlight its strategic push into the Turkish financial and e-commerce sectors. With its fintech expertise and digital banking ecosystem, the company is likely positioning itself as a major player in Turkey’s evolving financial landscape.
If the Rabobank Turkey acquisition proceeds, it would further solidify Kaspi.kz’s foothold in the country, complementing its existing investments and enhancing its influence in the Turkish financial market.