Fitch international rating agency has upgraded ForteBank's Long-Term Issuer Default Ratings to 'BB' with a 'Stable' Outlook. According to the release of the agency, Forte's rating upgrade reflects the Bank's improved asset quality, which is supported by an only moderate share of loans in total assets at 42% at the end of the first half of 2023.

Fitch draws attention to the Bank's intrinsic strengths, in particular, solid capital and liquidity buffers and robust operating profitability. Forte has demonstrated strong performance in the past four years, with operating profit averaging 4.7% of risk-weighted assets.

A positive factor is the balance of Forte’s portfolio by segments. Forte has good access to the largest Kazakh corporates, including export-oriented companies, in addition to its focus on consumer finance and SME lending.

“In the past 12 months, Forte's rating has been upgraded for the second time, which is a rare event. Fitch's assessment shows how accurately the expert community understands Forte's effective strategy and policies in the market. The 'BB' rating is one of the highest in the sector and is the result of a significant improvement in the bank's performance, reflects our financial strength and demonstrates that Forte is a strong and reliable bank for clients in any segment,” commented Bekzhan Pirmatov, Chairman of the Management Board of ForteBank.

Forte is the fourth largest private bank in Kazakhstan in terms of assets, has a wide branch network in all regions of the country.



Fitch upgrades ForteBank to 'BB'


Hereby ForteBank, JSC (hereinafter – the Bank) informs that the Bank, in accordance with the decision made by the Annual General Meeting of Shareholders on May 2, 2023 , starting from May 4, 2023, makes payment of the dividends on the common shares of the Bank for 2022, accrued in the amount of KZT 49 034 392 342,84 , at the rate of KZT 0,5421 per one common share, including the amount of taxes payable as required by legislation of the Republic of Kazakhstan. The distribution of dividends among the shareholders is carried out to the shareholders, in accordance with the register provided by the Central Securities Depository, JSC as of 00:00, Astana time, May 3, 2023.

As of May 31, 2023, the Bank has distributed to its shareholders having up-to-date details in the register the dividends in the amount of KZT 49 032 165 688,33 (pretax), which comprises to more than 99,99% of the total amount of accrued dividends. The dividends in the amount of KZT 2 226 654,51 are remained unpaid due to absence of the up-to-date details of the shareholders (including payment details) in the shareholders register system of Central Securities Depository, JSC.

In case of non-delivery of the dividends, the Bank shareholders may contact directly to the Bank up to and including July 31, 2023, to receive the dividends that have been unpaid due to absence of the up-to-date details. After August 1, 2023, the accrued dividends that have been unpaid due to the absence of the up-to-date details of the shareholders will be transferred by the Bank to the account of unclaimed dividends held with the Central Securities Depository, JSC, in accordance with the requirements of paragraph 4 of article 23 of the Law of Republic of Kazakhstan “On Joint Stock Companies” and the paragraph 2 of the clause 40-1, chapter 3-1 of the Rules for Operation of the Central Depository , where shareholders may apply for the receipt of the dividends. 

For the preliminary consultation, you can contact:
- ForteBank, JSC via e-mail ir@fortebank.com or by calling the number +7 (7172) 59 99 99 (ext. 10248, 10123);
- Central Securities Depository, JSC by the contact details from: https://kcsd.kz/.






ForteBank JSC informs on dividends payment on common shares

ForteBank announced changes to the composition of the Board of Directors. Mr. Hubert Pandza, an independent director, made a decision to resign a member of the Board of Directors ahead of his term’s end. In order to ensure succession, he will remain with the Forte team as a consultant – expert of the Risk Committee and Audit Committee under the Board of Directors. 
“It’s been almost eight years since I was elected as an independent director of ForteBank. During this time, I gained a lot of professional experience in working with colleagues, high-tier bankers, and had the pleasure to experience Kazakhstan, a wonderful country with rich history and a bright future. I am thankful to the ForteBank’s shareholders, Board of Directors and management for all the collaborative work. Forte is a reliable bank with a solid market position, a strong team and a distinctive brand”, - noted Mr. Pandza.
Mr. Hubert Pandza is a citizen of Germany, an economist with almost 50-year-long career, having held various senior positions at banks and financial institutions; for many years, he occupied leading positions at Deutsche Bank. In November 2015, he was elected as a member of the Board of Directors – an independent director at ForteBank. 
“Having a colossal experience in international markets and representing high culture of sound corporate governance that corresponds to the best international practices, Hubert made a priceless contribution to ForteBank’s development and assisted the bank in advancing to the forefront of the banking sector in Kazakhstan. He has made the decision to step down as an independent director; however, agreed to continue our joint work as a consultant, which we are grateful for”, - commented Mr. Yeldar Abdrazakov, Chairman of the Board of Directors. 
On May 2nd 2023, Mr. Talgat Kuanyshev was elected as a member of the Board of Directors – an independent director. Mr. Kuanyshev is a seasoned banker with extensive experience, having held leading positions at second-tier banks, including the position of the Chairman of the Management Board of ForteBank from 2015 to 2016. 
ForteBank is one of the top five largest Kazakhstani banks in terms of assets, servicing clients through its vast network of branches across all of the regions of Kazakhstan.


On changes to the composition of ForteBank’s Board of Directors



Fortebank brings 2022 to a close with the record high results 
The Bank grows steadily against the tumultuous economic background 
Against the background of such factors as uncertainty in the economy, high inflation, international sanctions against Kazakhstan’s primary trade partner – Russian Federation, dissolution of the established chains of transportation and logistics, Kazakhstani ForteBank brings 2022 to a close with the record high key indicators (according to IFRS consolidated financial statement)*: 
•	The assets have grown by 15% and amounted to KZT 2,8 trillion;
•	The lending portfolio has grown by 45% and amounted to KZT 1,17 trillion;
•	The deposit portfolio has grown by 16%, reaching KZT 2 trillion;
•	Net profit has amounted to KZT 98 billion, which is 53% higher than the year before. 
The Bank actively conducts digitalization of the services for business; as of this moment, most transactions and services for the legal entities have been transferred to the Internet-banking and ForteBusiness mobile app. The business banking digitalization has been highly appreciated by the international expert community. Based on the results of 2002, the professional magazine AsiaMoney named Forte the best bank in Kazakhstan for small and medium enterprises. 
In 2022, Forte extended loans to the legal entities for a total amount of KZT 726,5 billion, which is 58% higher than the year before. The deposit portfolio for the legal entities grown by 11% and reached KZT 1,26 trillion. 
In the retail segment, ForteApp mobile application has already become the primary sales channel. While in 2021 only 20% of the unsecured loans have been granted online, in 2022 this indicator was 86%. Almost all new deposits of the Bank – meaning 99% - are opened in the app. 
As the result, in 2022 Forte’s retail lending portfolio grown by 38% and amounted to KZT 428,3 billion. The private individuals’ deposits grew by 26%, reaching KZT 748,5 billion. 
“By working consistently and professionally, in 2022 our team managed to use the existing market opportunities. Without increasing the risk, we have achieved increase of the quality customers number, which has allowed us to achieve excellent indicators in all areas of business. These outcomes have also been assessed by the rating agencies; last year, two largest international agencies upgraded our credit ratings”, - commented Bekzhan Pirmatov, Chairman of Forte’s Management Board. 
ForteBank is one of the largest banks in Kazakhstan in terms of assets and possesses an extensive branch network throughout all regions of the country. In March 2023, S&P Global Ratings international rating agency updated its outlook for ForteBank’s rating to “Stable” and confirmed the rating at BB-/B. In September 2022, Fitch Ratings international rating agency upgraded the long-term rating of ForteBank to ВВ-, with “Stable” outlook. Both agencies noted Forte’s strengthening position in terms of capitalization, asset quality improvement and strong market position.  
*Approval of the audited financial statement of ForteBank JSC by the annual general meeting of shareholders is expected on May 2nd, 2023. 


Fortebank brings 2022 to a close with the record high results 

ForteBank Joint Stock Company (hereinafter referred to as the “Bank”), the executive board (Management Board) located at the address: 8/1, Dostyk str., Yessil district, Astana city, Z05P1P0/010017, Republic of Kazakhstan, hereby notifies its shareholders on Annual General Meeting of shareholders of the Bank (hereinafter the “Meeting”) convened at the initiative of the Board of Directors of the Bank (Minutes of Meeting No. 8 (z) dated March 31, 2023) pursuant to Article 35.1, Article 37.1, 37. 3.3 and Article 41 of the Law of the Republic of Kazakhstan “On Joint Stock Companies” (hereinafter the Law “On Joint Stock Companies”).
The Meeting will be held on May 2, 2023, at 10.00 a.m. (Astana time), at the following address: Conference Room “Astana”, 8th floor, 8/1, Dostyk str., Astana city.
The participants shall be registered on May 2, 2023, from 09.00 a.m. to 09.45 a.m. (Astana time) at the venue of the Meeting.
The register of the Bank shareholders eligible to participate at the Meeting will be compiled as at 00.00 a.m. (Astana time) on April 6, 2023.
In the absence of a quorum, the adjourned Meeting will be held on May 3, 2023 at 10.00 a.m. (Astana time) at the same address and with the same agenda. The participants of the adjourned Meeting will be registered on May 3, 2023 from 09.00 a.m. to 09.45 a.m. (Astana time) at the venue of the Meeting.
* * *
Agenda of the Meeting 
1.	On approval of the 2022 annual financial statements of the Bank.
2.	On approval of the procedure for distribution of the Bank’s 2022 net income, the amount of the dividend per common share of the Bank.
3.	On the Report of the Board of Directors of the Bank for the past financial year.
4.	On the appeals of shareholders to the actions of the Bank and its officials, and the results of consideration thereof.
5.	On the amount and composition of remuneration of members of the Board of Directors and the Management Board of the Bank in 2022.
* * *
The agenda of the Meeting is subject to amendments and/or supplements as stipulated by the law.
Pursuant to Article 44.4 of the Law “On Joint Stock Companies”, the materials on issues of the agenda of the Meeting shall have been prepared and available for familiarization of shareholders not later than 10 days prior to the date of the Meeting at the location of the Management Board of the Bank.
Upon request of a shareholder of the Bank, the materials on issues of the agenda of the Meeting shall be sent thereto within three business days from the day of the request receipt, provided that the costs for making copies of documents and delivery of documents shall be borne by the shareholder.
For more information on the Meeting, please call: +7 (7172) 59 99 99, extension 10200.
* * *
We hereby offer the shareholders of the Bank to get acquainted with the following procedure for the Meeting holding.
In accordance with article 17.5 of the Republic of Kazakhstan Law “On Banks and Banking Activities in the Republic of Kazakhstan”, legal entities incorporated in offshore zones the list whereof is established by the competent authority (see: resolution of the Management Board of the Agency of the Republic of Kazakhstan for regulation and development of financial market dated February 24, 2020, № 8 On establishing a list of offshore zones for the purposes of banking and insurance business, operation of the professional participants of stock market and other licensable types of activity on the stock market, business of the joint stock investment funds and business of organizations performing micro-financial activities), shall not be able to directly or indirectly own and (or) use, and (or) dispose the voting shares of the Republic of Kazakhstan banks.
Pursuant to para.5-1 of the said article, the shareholder participating in the general Meeting  of shareholders shall submit a statement which indicates the compliance with para.5 of the present article by its shareholders (participants), in case the bank has no information on country of residence of such shareholders (participants). 
A shareholder who has not submitted the above stated statement is not allowed to participate in the general Meeting of shareholders. 
In this regard, at registration, participants of the Meeting shall submit documents confirming their eligibility to participate in the Meeting and vote on issues considered at the Meeting.
The shareholders (representatives thereof) arrived shall be registered before opening of the Meeting. It is required to have an identity document. A representative of the shareholder must submit a power of attorney confirming the authority thereof to participate and vote at the Meeting.
A shareholder (representative of a shareholder) arrived to take part in the Meeting held in-person is to be registered.
A shareholder (representative of a shareholder) who has not been registered shall not be counted in determining the quorum and shall not be entitled to vote.
The Meeting opens at the announced time if a quorum is present.
The Meeting shall held elections of the chairperson and the secretary of the Meeting, determines the form of voting – open or secret (by poll).
In accordance with Article 50.1 of the Law “On Joint Stock Companies”, voting on the agenda of the annual general Meeting of shareholders is carried out under the principle of “one share – one vote”, except for providing each person eligible to vote at an annual general Meeting of shareholders with one vote on the procedural issues of holding the general Meeting of shareholders.
The chairperson shall not be entitled to interfere with the speeches of those eligible to participate in the discussion of the agenda issue, except for cases when such speeches result in violation of the rules of the Meeting or when the dispute on this issue is over.
The Annual General Meeting of shareholders shall be entitled to take a decision on suspension of its work and on extension of the period of work, including postponement of consideration of certain issues of the agenda of the general Meeting of shareholders to the following day.
The Annual General Meeting of shareholders may be declared closed only after consideration of all the issues of the agenda and adoption of resolutions thereon.
In accordance with Article 52.1 of the Law “On Joint Stock Companies”, the minutes of the general Meeting of shareholders shall be drawn up and signed within three business days after the closing of the general Meeting of shareholders.
The Meeting shall be held in accordance with Articles 35-37, 39-48, 50-52 of the Law “On Joint Stock Companies”, Articles 17.5 and 17.5-1 of the Law “On Banks and Banking Activities”, and Article 15 of the Bank Charter.
* * *
We are looking forward to welcoming the shareholders of the Bank to participate in the Annual General Meeting of shareholders of the Bank.


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