Kaspi buys BTA Bank Ukraine

AO “Kaspi.kz” has signed a share purchase agreement for 100% of BTA Bank Ukraine, which will allow it to obtain a banking license in Ukraine. The subsidiary of Kazakhstan’s BTA Bank, owned by Kenes Rakishev, is conducting limited operational activities; it has no branches or loan portfolio.

The deal is expected to close in the first half of 2022 and will not have a significant financial impact on Kaspi.kz. However, the acquisition of the bank and Portmone will enable Kaspi to enter the Ukrainian market, which has a population of 42 million people. “With a banking license and Portmone Group’s payment licenses, we will take strong positions and be able to replicate the Super App strategy in Ukraine,” the statement said.

The key question now is which path Kaspi will choose: opening branches for a bank that currently lacks a branch network, or following the development concept of a neobank, as its main competitor mono does?

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