Former Qazkom managing director to acquire share in Austrian payment services provider

EAVISTA Beteiligungsverwaltungs, a Vienna-based company controlled by Arif Babayev, a former board member and managing director at Qazkom (acquired by Halyk Bank in 2018), is set to acquire a 75.1% stake in Service Bank AG, an Austrian provider of payment services operating under the Card Complete brand.

According to Service Bank AG, EAVISTA will purchase 50.1% of its shares from UniCredit Bank Austria and an additional 25% from Raiffeisen Bank International. Another financial organization, AVZ Privatstiftung, will retain its 24.9% stake in the payment company. The deal is expected to be finalized following regulatory approval.

Although no financial details have been disclosed, Babayev told Forbes Kazakhstan that the sum involved is quite significant, even by European standards. Nurlan Zhagiparov, Babayev’s business partner — who also previously served as a board member and deputy head at Qazkom and later worked at Halyk Bank — is another stakeholder in the deal with the Austrian banks.

Service Bank AG describes itself as a leading provider of card solutions and payment services for both private and corporate clients in Austria. According to a statement on its website, the company plans to further develop various fintech solutions in close collaboration with its new owner. It also emphasized that Babayev has over 20 years of experience in banking and financial services and is the co-founder (along with Zhagiparov) of the British company DNA Payments.

«We are expanding our activities into an important German-speaking market. Card Complete is one of Austria’s leaders in cashless payments, with a strong market position built over the past 40 years. We are confident that we can introduce technological innovations, create new products, and open new markets,» Babayev and Zhagiparov said in a joint statement.

According to Service Bank AG CEO Robert Wieselmayer, the company plans to strengthen its position in the payments and credit card sector. The deal presents new opportunities for growth and expansion of the company’s strategic market presence. He also emphasized that Service Bank AG will continue to adhere to strict IT security and data protection standards.

Once the deal is finalized, UniCredit Bank Austria and Raiffeisen Bank International will continue offering cards directly to their clients. To facilitate this, they are expected to sign an agreement with Card Complete. However, this arrangement will apply only to cards issued by the banks themselves, not to those issued by Card Complete, such as ÖAMTC, Miles & More, and Diners Club.

EAVISTA Beteiligungsverwaltungs was founded in October 2023 by Arif Babayev and another undisclosed individual. The company focuses on trade, service provision, and investment management.

Babayev served as managing director of Qazkom from December 2013 to May 2016. Before that, he worked for international financial institutions, including ABN AMRO and the Royal Bank of Scotland.

After leaving Qazkom, he transitioned to the manufacturing sector. In 2017, he became the primary shareholder of Ukrainian Region-Bank, acquiring it from local businessman Anatoly Volok. The financial institution was later rebranded as Sky Bank.

In 2018, Babayev and Zhagiparov co-founded DNA Payments in the U.K. The company claims to be one of the country’s largest independent multichannel payment providers and also operates in several other European markets.