Kaspi.kz Eyes Rabobank Turkey Acquisition
Deal News | Mar 13, 2025 | Aim Group
Kaspi.kz, a Kazakhstan-based company specializing in classifieds, e-commerce, and fintech services, is reportedly negotiating the acquisition of Rabobank Turkey, a subsidiary of the Netherlands-based Rabobank. According to Bloomberg, this move aligns with Rabobank's strategy of reducing its international footprint, as it has previously attempted to sell its Turkish operations to other entities. As of December 2024, Rabobank Turkey's non-consolidated assets were valued at $52 million. This potential acquisition would mark Kaspi.kz's second significant investment in Turkey, following its $1.1 billion purchase of a majority stake in Hepsiburada, Turkey's second-largest e-commerce operator, in early 2024. Kaspi.kz is leveraging its Super App model, which integrates online banking, payment systems, and marketplaces, in its international expansion strategy. Additionally, Kaspi.kz's co-owner, Vyacheslav Kim, is in negotiations to acquire Jusan Bank, Kazakhstan's fifth-largest financial institution.
Sectors
- Financial Services
- E-commerce
- Fintech
Geography
- Kazakhstan – Kaspi.kz is a Kazakhstan-based company and the article discusses its business ventures.
- Turkey – The potential acquisition of Rabobank Turkey involves business operations within Turkey.
- Netherlands – Rabobank is based in the Netherlands, making this geography relevant to the article.
Industry
- Financial Services – The article involves the acquisition of a banking subsidiary, which is central to the financial services industry.
- E-commerce – Kaspi.kz has recently acquired a major stake in an e-commerce company, highlighting its involvement in this sector.
- Fintech – Kaspi.kz is a fintech company, emphasizing its role in integrating various financial technologies in its business model.
Financials
- $52 million – The non-consolidated assets of Rabobank Turkey as of December 2024.
- $1.1 billion – The investment made by Kaspi.kz in acquiring a majority stake in Hepsiburada.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Kaspi.kz | Bidding Company | Company | A Kazakhstan-based company specializing in classifieds, e-commerce, and fintech services. |
| Rabobank | Vendor | Company | The second-largest bank in the Netherlands, looking to offload its Turkish operations. |
| Rabobank Turkey | Target | Company | The Turkey-based subsidiary of Rabobank, with non-consolidated assets of $52 million. |
| Mikheil Lomtadze | CEO | Person | CEO of Kaspi.kz |
| Vyacheslav Kim | Co-owner | Person | Kazakhstan's richest businessman and co-owner of Kaspi.kz. |
| Jusan Bank | Target | Company | The fifth-largest financial institution in Kazakhstan. |