S&P Global Ratings has revised the outlook on ForteBank's ratings from Stable to Positive and raised its national scale rating.
The international S&P Global Ratings agency revised the outlook for the ratings of ForteBank, JSC from “Stable” to “Positive” and upgraded its rating by the national scale from “kzA-” to “kzA”. Long-term and short-term stand-alone credit profiles of the issuer are confirmed at the level of “BB-/B”.

S&P emphasized that the “Positive” outlook on ForteBank’s ratings reflects expectations regarding a possible increase in the bank’s rating in the next 12-18 months if industry risks in the banking sector of Kazakhstan are reduced. ForteBank is one of the largest banks in the country in terms of assets and deposits.

The agency also noted that the banking sector of the Republic of Kazakhstan has demonstrated higher resistance to macroeconomic risks against worsening geopolitical risks in the region in recent years. Asset quality indicators and financial performance of the banking sector were significantly higher than the level predicted by the agency.

ForteBank is one of the five largest banks in terms of assets, the size of which exceeds 3.0 trillion tenge, the volume of its loan portfolio makes 1.5 trillion tenge as well as deposits amount to more than 2.3 trillion tenge.


S&P Global Ratings raised the outlook on ForteBank's ratings from ‘Stable’ to ‘Positive’ and raised its national scale rating


Astana, February 2, 2024 – ForteBank Joint Stock Company, located at the address: 8/1, Dostyk str., Astana city, Z05P1P0/010017, Republic of Kazakhstan (hereinafter – the “Bank”), hereby reports on the changes in the Management Board of the Bank.

In accordance with the resolution of the Board of Directors of the Bank dated January 30th, 2024 (minutes of the meeting No. 1), starting from February 5th, 2024, Ms. Gaukhar Bissembiyeva is elected as a member of the Management Board – the First Deputy Chairperson of the Management Board of the Bank (COO).


Information on changes in the membership of ForteBank, JSC Management Board

Asiamoney notes Forte’s strengthened position: the Bank is ranked among the top 5 largest financial institutions in terms of assets and equity capital in the Republic of Kazakhstan. Forte actively lends the Kazakhstani economy: the share of loans to legal entities comprises 60% of the Bank’s lending portfolio, and the business-customers lending portfolio in 2023 has grown by 18.1%, up to KZT 866 bn. 

ForteBank acts as a reliable financial online service partner for hundreds of thousands of entrepreneurs in Kazakhstan. Forte Business app was recognized as the best mobile bank for business in Eastern Europe and Central Asia according to SME Banking Agency in 2023. 

ForteBank maintains the Tier I capital adequacy ratio (k1) at 18.7%, which is two times higher than the regulator’s requirement. Forte remains one of the most solvent commercial banks in the Republic of Kazakhstan and its liquid assets figures to KZT 1 tn.  This figure has grown by 13.7% since the start of the year. 

The reliability and financial stability of ForteBank were also noted by the international rating agencies, which have upgraded the Bank’s ratings in 2023. Thus, Moody’s upgraded ForteBank’s outlook from “Stable” to “Positive” and confirmed the ratings at “Ва2”. Fitch upgraded the bank’s ratings from “ВВ-” to “ВВ”, with a “Stable” outlook.  S&P confirmed ForteBank’s ratings at “BB-”, with a “Stable” outlook. 

Bekzhan Pirmatov, t Chairman of the Management Board of ForteBank, expressed his gratitude to the analysts of Asiamoney for such high praise of the team’s efforts to develop the Bank. “The achieved results and stable financial indicators of ForteBank serve as evidence and basis for our further growth. We are systematically continuing the improvement of our IT architecture along with the product and service quality within all directions. The Bank has strong financial indicators and the loyal customer base performing financial transactions and entrusting us with people savings. Next year, we will pay special attention to service quality and customer experience”, - noted the Chairman of ForteBank. 

Forte develops vigorously in the retail banking market. The business revenue in this area has grown two times compared to 2021. Twenty five types of banking transactions are available to private individuals in ForteApp mobile app, including opening of payment cards and deposits, getting instant loans, and enjoying other services. Up to 98% of all deposits with Forte are opened in the mobile app. At the same time, the Bank maintains its offline presence, having an extensive network of 20 branches and 128 outlets throughout the country. According to Senteo rating, Forte’s branch network takes the top spot in terms of service quality in Kazakhstan.  

In the second half of 2023, the Bank launched its digital automobile lending that is already has been represented at more than 250 partner auto dealerships. The customers have access to the ForteMobile service. Jointly with Mastercard, the Bank was the first in Central Asia and Eastern Europe to launch a convenient international transfer service titled ForteAlem in 37 countries worldwide. According to the customers’ feedback, one of the front-runners is ForteForex – a currency exchange platform using the rates set by the customers themselves. In December of this year, ForteApp implemented the ability to pay public transport fares using QR-code in four cities of Kazakhstan. 

Forte shows great consideration to the field of corporate social responsibility, systematically supporting the projects in the sphere of education, sport, culture, and art. In 2023, the Bank transferred KZT 6.7 bn to various charity projects. 


Asiamoney International magazine named Forte  the Best Bank in Kazakhstan for the fifth time.

On November 01, 2023, Moody’s Investors Service affirmed ForteBank’s long-term deposit rating at Ва2 and changed the outlook from “Stable” to “Positive”. 

The affirmation of ForteBank’s rating reflects its strong capitalization, ample liquidity, and strong profitability. Moody’s emphasizes a balance of risks and ForteBank’s strong key metrics.  

The positive outlook reflects the ability of the Bank management to secure significant progress in improving the asset quality and increase profitability against the backdrop of the improving situation in the financial market of Kazakhstan. The agency believes that the growing Kazakhstani economy, reducing inflation and a strong competitive position provide an opportunity for the Bank to develop franchises without taking excessive risks. 

“Forte team has been consistently working on improvement of the key metrics, ensuring balanced growth of portfolios, retaining high capitalization and liquidity. As the result, the Bank continues to strengthen; its reliability for the customers increases, which is evidenced by ratings upgrades and positive changes to the outlook”, - noted the Chairperson of the Management Board Mr Bekzhan Pirmatov. 

In August 2023, Fitch rating agency upgraded ForteBank’s rating to BB, with a stable outlook. The agency noted that the upgrade of ForteBank’s rating reflected the Bank’s asset quality improvement supported by the moderate share of loans. 


Moody’s improves outlook to positive for ForteBank

Astana, 26 October 2023 – ForteBank Joint Stock Company, located at the address: 8/1, Dostyk str., Astana city, Z05P1P0/010017, Republic of Kazakhstan (hereinafter – the “Bank”), hereby announces the changes to the Management Board of the Bank.

In accordance with the resolution of the Board of Directors of the Bank dated 23 October 2023 (minutes of the meeting No. 31 (z)), starting from 23 October 2023, Mr. Ravshan Irmatov is elected as a member of the Management Board of the Bank – Deputy Chairperson of the Management Board (CFO).


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