05.10.2025 12:23
Businessman Erman Ilıcak's Rönesans Holding is selling Rabobank, which it acquired last year, to the Kazakhs.
Rönesans Holding is preparing to divest Rabobank Turkey, which it acquired last year. The Kazakhstan-based financial giant Kaspi.kz, which has moved to take over the bank, is expanding its investments in Turkey. Recently, Kaspi purchased a 65.4% stake in Hepsiburada for $1.1 billion. Now, it is preparing to officially enter the Turkish financial services market by incorporating Rabobank Turkey.
KAZAKS ENTERING BANKING IN TURKEY
According to a report by Interfax.com, Kaspi.kz CEO Mikheil Lomtadze announced that the acquisition process is planned to be completed by the end of 2025. In a speech at the Digital Bridge 2025 Forum in Astana, the capital of Kazakhstan, Lomtadze stated, "The approval process by regulatory authorities is ongoing. We are a bank with no branch network in Turkey and 27 employees. This step will allow us to obtain a license to provide financial services in Turkey."
INTEGRATED FINANCIAL ECOSYSTEM WITH HEPSİBURADA
Kaspi's plans for Turkey are not limited to banking. The company aims to create a "super app" model by integrating Rabobank's infrastructure with Hepsiburada's e-commerce operations, allowing users to shop and conduct financial transactions such as loans, payments, and insurance all on a single platform.
"WE WILL ESTABLISH A FAST TRADE BRIDGE BETWEEN TURKEY AND KAZAKHSTAN"
Kaspi CEO Lomtadze emphasized their goal of revitalizing trade between the two countries, stating:
"Soon, Turkish merchants' products will be available on Kaspi, while Kazakh merchants' products will be sold on Hepsiburada. Our aim is to establish a fast and strong trade bridge between Turkey and Kazakhstan."
Among Kaspi.kz's subsidiaries in Kazakhstan are Kaspi Bank, Kaspi Pay, Kaspi Shop, and Kaspi Travel. The company consolidates payment systems, online shopping, and fintech services under one roof.
SECOND LARGEST ACQUISITION IN TURKEY
Kaspi's move with Rabobank will be its second major investment in Turkey after the Hepsiburada acquisition. The Kazakh fintech giant plans to accelerate its regional growth by rebuilding its successful model applied in Kazakhstan in the 85 million-strong Turkish market. The company currently reaches about 70% of Kazakhstan's population with 14 million active users.
RABOBANK IS SHRINKING ON A GLOBAL SCALE
Netherlands-based Rabobank has entered a process of restructuring its international presence in recent years. The bank is focusing on agricultural and food financing areas by withdrawing from markets where it is not strong. The transfer of its Turkish operations is also seen as part of this global downsizing strategy.