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

The statement did not disclose any financial details of the acquisition but noted that the transaction remains subject to regulatory approval.

“The transaction is not material. Rabobank A.Ş. is a fully licensed bank in Türkiye, which has neither borrowing nor depositing clients, nor a branch network,”

the statement read.

Rabobank established its Turkish subsidiary in 2013.

It ranks as the 40th largest lender in the Turkish banking sector, with total assets amounting to 1.9 billion Turkish Liras as of the end of 2024, according to data from the Banks Association of Türkiye (TBB).

The bank operates a single branch and employs 27 staff members.

Kaspi previously became the controlling shareholder of Turkish e-commerce company Hepsiburada in October last year after acquiring Group A and B shares, representing 65.4 percent of the company’s total shares.

The Kazakh fintech giant has also been listed on the Nasdaq since January 2024.

Meanwhile, the Capital Markets Board (CMB) has granted approval for the establishment of a new brokerage firm, Barclays Securities Inc., which will be wholly owned by financial powerhouse Barclays Bank PLC.

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

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

Featured image credit: edited from freepik