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