On 15 July 2019, Moody’s Investors Service (“Moody’s”) announced its decision to upgrade the long-term deposit rating of ForteBank to B1 from B3 (by two steps at one go), the outlook is stable.

As it is reported by Moody’s analysts:

“The rating upgrade reflects an improvement in the Bank’s profitability and financial stability over the past two years. The increase in profitability was driven by better efficiency as the bank’s business grows, while Forte contains costs, together with recoveries from problem loans and higher fee and commission income. As of 1 June 2019, ForteBank is the second largest bank in Kazakhstan with a share of 8% by total assets.”

Mr. Guram Andronikashvili, Chairman of the Management Board of ForteBank commented on the news:

“ForteBank keeps demonstrating positive financial and operating results, and is one of the most capitalized, highly liquid and innovative banks in the country. As of 1 June, the Bank’s assets amounted to KZT 1,897 billion, having shown an increase from the beginning of the year by KZT 120 billion (+7%), for which cause the Bank was ranked 2nd in the market of Kazakhstan by total assets. In June, S&P Global Ratings also upgraded ForteBank’s ratings from B to B+. Another improvement in the ratings is an indicator of strengthening of ForteBank’s market position in Kazakhstan, and allows us to continue to provide quality services to our customers.