Kaspi.kz, the Kazakhstan-based banking and fintech giant, on Thursday announced it had signed an agreement to purchase Netherlands-based lender Rabobank's operations in Türkiye.

It's the second deal for Kaspi.kz in Türkiye in months after it acquired a majority stake in Turkish e-commerce technology platform Hepsiburada in mid-October.

In a statement, Kaspi.kz said it had reached an agreement to acquire the shares of Rabobank A.Ş.

Rabobank, which has been operating in Türkiye since 2014, holds a full banking license as a deposit bank.

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.Ş. is a fully licensed bank in Türkiye which has neither borrowing or depositing clients nor a branch network," it said.

Last July, Rönesans Holding had also announced an agreement to acquire Rabobank's operations in Türkiye. However, no further updates were provided regarding the closure of that deal.

In October, Kaspi.kz became a controlling shareholder in Hepsiburada after acquiring 65.41% of the total outstanding Class A and Class B shares of the e-commerce company for about $1.13 billion in cash.

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