Kazakh Kaspi acquires Rabobank's Turkish subsidiary

ISTANBUL

Kazakhstan's largest e-commerce group, Kaspi.kz, has signed an agreement to acquire Netherlands-based agricultural bank Rabobank's Turkish operations, according to a statement by Kaspi on March 27.

The statement did not provide any information on the financial details of the acquisition but said it was still subject to regulatory approval.

"The transaction is not material. Rabobank A.S. is a fully licensed bank in Türkiye which has neither borrowing or depositing clients nor a branch network," it said.

Rabobank established its Turkish subsidiary in 2013. It is the 40th largest lender in the Turkish banking sector by asset, which stood at 1.9 billion Turkish Liras as of the end of 2024, according to data from the Banks Association of Türkiye (TBB).

It has one branch with 27 employees.

Kaspi earlier became Turkish e-commerce firm Hepsiburada's controlling shareholder in October last year by taking over group A and B shares representing 65.4 percent of the company's shares.

Kaspi has also been listed on the Nasdaq since January 2024.

Meanwhile, the Capital Markets Board (CMB) has given its approval for the establishment of a new brokerage firm, Barclays Securities Inc., 100 percent owned by financial giant Barclays Bank PLC.

The decision was announced in the SPK’s weekly bulletin.

The CMB had earlier approved the establishment of two other brokerage firms owned by Turkish lenders, Aktif Bank and Fibabanka.