Kaspi.kz, the Kazakhstan-headquartered fintech and payments group listed on the Nasdaq under the ticker KSPI, signed a share purchase agreement on 27 March 2025 to acquire Rabobank A.Ş., the Turkish subsidiary of Dutch agricultural lender Rabobank Group.
The deal was announced via a press release issued through GlobeNewswire, confirming that the SPA had been executed but that transfer of ownership remains conditional. The shareholding will transfer to Kaspi once regulatory approvals are received and all closing conditions are satisfied.
TURKISH REGULATORY APPROVAL REQUIRED
Completion of the transaction is subject to approval from the Banking Regulation and Supervision Agency of Turkey, known by its Turkish acronym BRSA.
It has operated in Turkey since 2014, but according to Kaspi it currently has neither borrowing nor depositing clients nor a branch network.
KASPI IN TURKEY
Kaspi entered Turkey through acquisitions, buying a 65.41% stake in e-commerce platform Hepsiburada for about USD 1.13 billion (agreed in October 2024) before agreeing to buy Rabobank A.Ş.
The acquisition remains pending, with Rabobank Group retaining full ownership of Rabobank A.Ş. until BRSA approval is received and all conditions to closing are met.
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