Kaspi.kz Announces Acquisition of Rabobank's Turkish Subsidiary, Expanding International Footprint

What happened

Kaspi.kz has provided an update on its acquisition of Rabobank A.Ş., a Turkish banking subsidiary, following a share purchase agreement signed in March 2025. This move represents Kaspi's second major international foray after the Hepsiburada deal, aiming to diversify beyond its core Kazakhstan market. However, the announcement lacks critical details on financial terms, integration plans, or funding sources, raising concerns about execution risks. Given Kaspi's existing challenges with Hepsiburada integration and EM volatility, this acquisition could strain resources if not managed carefully. Investors must assess whether this expansion aligns with Kaspi's super-app strengths or dilutes focus amid ongoing margin pressures.

Implication

The acquisition of Rabobank A.Ş. offers Kaspi.kz entry into Turkey's financial services market, potentially boosting long-term revenue diversification beyond Kazakhstan. However, it adds complexity to an already busy M&A pipeline, including the Hepsiburada integration, which could divert management attention and capital. Without disclosed financial terms, investors face uncertainty over the deal's cost, funding—whether from cash reserves or debt—and its effect on Kaspi's liquidity and capital returns. Execution missteps in a new regulatory environment like Turkey might exacerbate existing EM risks, such as currency volatility and compliance issues. Ultimately, this move reinforces Kaspi's growth ambitions but demands scrutiny of upcoming disclosures to gauge its alignment with the company's profitability and network-effect advantages.

Thesis delta

The acquisition of Rabobank A.Ş. reinforces Kaspi's aggressive expansion strategy but introduces additional execution and regulatory risks in a new market. While it could enhance long-term growth, the lack of detailed financials and integration plans tempers immediate optimism, keeping the BUY thesis dependent on successful execution. Investors should watch for updates on funding, synergies, and any impact on Kaspi's core operations and capital allocation.