Kaspi.kz to acquire Rabobank Group’s Turkish subsidiary Rabobank A.Ş.

Rhea-AI Summary

Kaspi.kz (NASDAQ: KSPI) has entered into a share purchase agreement to acquire Rabobank A.Ş., the Turkish subsidiary of Rabobank Group. The target is a fully licensed bank in Turkiye, currently operating without borrowing or depositing clients and lacking a branch network. The transaction, described as non-material, remains subject to regulatory approvals and customary closing conditions.

Positive

• Acquisition provides Kaspi.kz with a full banking license in Turkey
• Non-material transaction suggests minimal financial impact on KSPI

Negative

• Acquired entity has no existing client base or branch network
• Transaction completion timeline uncertain pending regulatory approvals

ALMATY, Kazakhstan, March 27, 2025 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz” NASDAQ: KSPI) has signed a share purchase agreement with Rabobank Group, relating to the purchase of Rabobank’s Turkish subsidiary Rabobank A.Ş.

The transaction is not material. Rabobank A.Ş. is a fully licensed bank in Turkiye which has neither borrowing or depositing clients nor a branch network.

The closing of the transaction is pending the receipt of required regulatory approvals and satisfaction of all customary closing conditions.

About Kaspi.kz

Kaspi.kz’s mission is to improve people’s lives by developing innovative mobile products and services. To deliver upon this we operate a unique two-sided Super App model – Kaspi.kz Super App for consumers and Kaspi Pay Super App for merchants.

Through these Super Apps consumers and merchants can access our leading Payments, Marketplace, and Fintech Platforms. All our services are designed to be highly relevant to users’ everyday needs and enable consumers and merchants to connect and transact between themselves.

The combination of a large, highly engaged consumer and merchant base, best-in-class, highly relevant digital products and a capex lite approach, results in strong top-line growth, a profitable business model and enables us to continue innovating, delighting our users and fulfilling our mission.

Harvard Business School has written two case studies on Kaspi.kz which it continues to teach to its MBA students.

Kaspi.kz has been listed on Nasdaq since January 2024.

For further information

David Ferguson, david.ferguson@kaspi.kz +44 7427 751 275

FAQ

What is the value of Kaspi.kz's acquisition of Rabobank Turkey?

The transaction value was not disclosed in the announcement, but Kaspi.kz stated it is not a material acquisition.

What are the current operations of Rabobank Turkey being acquired by KSPI?

Rabobank A.Ş. is a fully licensed Turkish bank that currently has no borrowing or depositing clients and no branch network.

When will Kaspi.kz (KSPI) complete the Rabobank Turkey acquisition?

The closing date is pending receipt of required regulatory approvals and satisfaction of customary closing conditions.

What type of license does Rabobank Turkey hold in the acquisition by KSPI?

Rabobank A.Ş. holds a full banking license in Turkiye.