Kazakh e-commerce firm Kaspi acquires Rabobank's Turkish subsidiary

By Mucahithan Avicoglu

ISTANBUL (AA) - 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 Thursday.

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 last year by taking over group A and B shares representing 65.4% of the company's shares.

Kaspi has also been listed on Nasdaq since January 2024.