Astana, November 05, 2024 – ForteBank Joint Stock Company located at the address: 8/1, Dostyk str., Astana city, Z05P1P0/010017, Republic of Kazakhstan (hereinafter the “Bank”), hereby informs that the powers of Mr. Talgat Kuanyshev as a member of the Board of Directors of the Bank terminated early on October 31, 2024, upon his initiative.

Changes to the membership of the Board of Directors of Fortebank JSC

Today the Board of Directors of ForteBank, JSC, satisfied the request by Mr Bekzhan Pirmatov, the Chairperson of the Management Board of the Bank, on his early resignation. Mr Talgat Kuanyshev, who was previously a member of the Board of Directors of the Bank, was appointed as the new Chairperson of the Management Board of ForteBank, JSC. Mr Bekzhan Pirmatov shall take up another job within the “Verny Capital” group of companies. 

Mr Bulat Utemuratov, the principal shareholder of the Bank, said: “I would like to express gratitude towards Bekzhan Pirmatov for his effective contribution to the development of ForteBank. Over 2,5 years under his leadership, the Bank has strengthened its position in the market. Namely, the loan portfolio of the Bank has increased more than twofold, and its international ratings have been upgraded systematically. Forte maintains its universal model by successfully developing not only retail business, but also the SME and corporate business segments”. 

While commenting on the appointment of the new chief executive, Mr Bulat Utemuratov noted: “I am confident that in this challenging macroeconomic and geopolitical environment Talgat Kuanyshev will use his extensive managerial experience in the financial sector to ensure that ForteBank not only successfully meets all the challenges, but also reaches a new stage of development”.  

Mr Talgat Kuanyshev has a 30-year-long history of working in the financial sector of Kazakhstan. He has successfully led such financial institutions as ATF Bank, JSC, Bank Kassa Nova, JSC, ATF Leasing, JSC and ForteBank, JSC. 

“I look at the future with great optimism and do not doubt that together we will open a new chapter in the development of ForteBank. Our efforts will be aimed at implementation of the advanced technologies, strengthening of the Bank’s financial indicators and improvement of quality of service for our customers”, - said Mr Talgat Kuanyshev, Chairperson of the Management Board of ForteBank, JSC. 

Background
ForteBank, JSC, is the top fourth commercial bank in the country in terms of assets. The Bank has one of the highest credit ratings among the second-tier banks with domestic equity capital. ForteBank remains one of the most well-capitalized financial institutions. The capital adequacy ratio exceeds the standards required by the regulator: k1 and k1-2 ratios amount to 20.9% with the standard of at least 8-9%, k2 ratio amounts to 21.2% with the standard of at least 10.5%, as of September 1, 2024.



T. Kuanyshev will assume the position of Chairperson of the Management Board of the Bank from the date of receipt of approval from the authorized body of the Republic of Kazakhstan.


Talgat Kuanyshev takes the lead of ForteBank, JSC

Astana, October 03, 2024 – ForteBank Joint Stock Company located at the address: 8/1, Dostyk str., Astana city, Z05P1P0/010017, Republic of Kazakhstan (hereinafter the “Bank”), hereby informs that the powers of Mr. Daniyar Tursunkulov as a member of the Board of the Directors of the Bank terminated early starting from September 27, 2024, upon his own initiative.

Changes to the membership of the Board of Directors of ForteBank JSC

Moody’s Ratings affirmed long-term deposit ratings of ForteBank; outlook ‘Positive’.

Hereby ForteBank JSC (hereinafter referred to as the Bank) notifies that on September 12, 2024, the international rating agency Moody's Investors Service announced its decision to affirm the Bank's long-term deposit rating at the level of ‘Ba2’, the rating outlook is ‘Positive’.

Currently the Bank's ratings are as follows:
- Long-term Bank Deposit rating – ‘Ba2’;
- Short-term Bank Deposit rating – ‘NP’;
- Long-term Counterparty Risk Ratings – ‘Ba1’;
- Short-term Counterparty Risk Ratings – ‘NP’;
- Outlook – ‘Positive’.


Moody’s Ratings affirmed long-term deposit ratings of ForteBank; outlook ‘Positive’.

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.


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