Kaspi.kz to acquire bank in Turkey

Kazakhstan’s fintech giant Kaspi.kz plans to acquire the Turkish subsidiary of the Dutch Rabobank, according to Bloomberg, citing people familiar with the matter. As reported by the media company, the negotiation process is underway, and no final decision has been made. Any potential deal must be approved by Turkish regulators.

This transaction could become Kaspi.kz’s second purchase in Turkey over the past several years. In January, the company announced the acquisition of a 65.41% stake in Hepsiburada, Turkey’s largest marketplace, for $1.1 billion. Under the arrangement, Kaspi.kz paid $600 million in cash, while the remaining $526.9 million will be transferred no later than six months after the deal’s conclusion.

No data about the cost of the potential deal is available. According to open sources, in December 2024, the non-consolidated assets of Rabobank’s Turkish subsidiary stood at $52 million.

Notably, a day before rumors surfaced in the market about Kaspi.kz’s potential acquisition of Rabobank’s subsidiary, the Astana International Exchange (AIX) announced the book-building for Kaspi.kz’s Eurobonds, scheduled to take place on March 17, 2025. The settlement is set for March 26, with a minimum bid size of $200,000. However, the total offering size has not been disclosed.

Moreover, earlier in March, the company’s board suggested that shareholders decline to pay annual dividends. This contradicts the common practice of paying the dividends four times in the year. Kaspi.kz explained in its Form-20F 2024 report that this «decision may be due to a number of factors, including the need to finance new business initiatives, pursue additional market opportunities and make capital expenditures.»