Kaspi builds on Hepsiburada stake with new acquisition in Türkiye

Kazakhstan’s leading e-commerce and fintech company Kaspi.kz announced Thursday that it has reached a deal to acquire the Turkish operations of Netherlands-based agricultural lender Rabobank, just months after taking control of Türkiye’s major online retailer Hepsiburada.

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.

Kaspi earlier became Turkish e-commerce firm Hepsiburada’s controlling shareholder in October 2023 by taking over group A and B shares representing 65.4% of the company’s shares for $1.12 billion.

The fintech and e-commerce giant made its debut on the Nasdaq Stock Exchange (NASDAQ: KSPI) in January 2024.