Changes in the composition of ForteBank shareholders

ForteBank Joint Stock Company informs of a change in the composition of its shareholders. Alidar Utemuratov bought 5% of outstanding shares from Bulat Utemuratov, the main shareholder of the Bank. The purchase was approved by the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Markets. The transaction is completed and the shares are in possession of a new shareholder. In addition, under the terms of the transaction, Alidar Utemuratov is permitted to raise his share up to 10% of the Bank outstanding shares over the next 7 years. The transfer of shares has been carried out exclusively on market conditions based on the shares purchase and sale agreement concluded between the parties. “We welcome Alidar Utemuratov as one of the Bank's shareholders. Taking into account his successful experience in creating and managing IT companies, we look forward to increasing digitalization at Forte. The Bank's business model, which has proven its effectiveness, strategic directions of development, as well as the composition of the Management Board will be preserved,” said Yeldar Abdrazakov, Chairman of the Board of Directors of ForteBank. Forte is one of the largest banks in Kazakhstan and ranks top 5 among Kazakhstani banks in terms of assets.