S&P returned "stable" outlook on ForteBank 

S&P Global Ratings international rating agency has improved its outlook on ForteBank's rating to "stable" and affirmed its ratings at "BB-/B".

The revision of outlook on the Bank’s follows the same action on Kazakhstan outlook. On March 3, 2023, S&P revised the outlook on the country's rating from "negative" to "stable", stating that it expected growth of Kazakhstan's GDP within 4% over the next three years.

The agency notes that the affirmation of ForteBank's ratings at "BB-/B" reflects S&P's assessment of ForteBank's moderate systemic importance in the economy of Kazakhstan.

"ForteBank is the fifth-largest domestic bank by retail deposits, with about 6.5% market share by assets. ForteBank continued to strengthen its capitalization in 2022, underpinned by the bank's decision not to distribute dividends. We anticipate that our risk-adjusted capital ratio for the bank will remain above 7% in 2023-2024, supported by moderate business growth and good earnings metrics. We expect ForteBank's asset quality to remain stable" the agency said in a statement.

"We are glad that S&P brought back ForteBank an appropriated rating outlook. Currently, the Bank is in its best condition in the entire history of its activities. Many of its performance indicators have reached record values, which will be made public after the release of the audited statements," commented Bekzhan Pirmatov, Chairman of the Management Board of ForteBank, JSC. 

ForteBank is one of the five largest Kazakhstani banks in terms of assets and has a wide branch network in all regions of Kazakhstan. In July 2022, S&P upgraded ForteBank's long-term credit rating from "B+" to "BB-" and the Bank's rating on the Kazakhstan national scale from "kzBBB+" to "kzA-". Also in September 2022, Fitch, upgraded ForteBank's long-term rating to "BB-" with a stable outlook, taking into account the combination of positive factors and the Bank's stable financial position. Both agencies noted the strengthening of capitalization, the improvement of asset quality, as well as ForteBank's strong market position.


S&P returned "stable" outlook on ForteBank 

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.



Changes in the composition of ForteBank shareholders

Press Release

Changes in the membership of ForteBank JSC Management Board

ForteBank Joint Stock Company, located at the address: 8/1, Dostyk str., Astana city, Z05P1P0/010017,
Republic of Kazakhstan (hereinafter – the “Bank”), hereby reports the changes in the membership of the
Management Board of the Bank.
In accordance with the resolution of the Board of Directors of the Bank dated December 22nd, 2022 (minutes
of the meeting No. 44), starting from January 4th, 2023, Mr. Amyrkhan Chikanayev is elected as a member
of the Management Board of the Bank – Deputy Chairman of the Management Board.


Changes in the membership of ForteBank JSC Management Board

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On 14 September 2022 the international rating agency Fitch Ratings upgraded the Long-Term Issuer Default Rating of ForteBank to BB-, with Stable outlook. The rating upgrade reflects the extended record of robust profitability of Forte, capitalization growth, material reduction in legacy asset-quality risks, as well as the strong funding and liquidity. The agency notes that Forte has achieved noticeable growth of lending in all business segments. The loan book has expanded 26% during the first half of 2022.

Fitch analysts believe that Forte and the banking sector of Kazakhstan as a whole are resilient to external shocks caused by the Russian-Ukrainian conflict, due to the high return on equity and liquidity.  

«Forte business model has demonstrated resistance to the external shocks caused by recent events in Kazakhstan and worldwide. Our clients have truly appreciated implementation the wide range of products, high-quality service, handy app and value the reliability of Forte. As the result, the Bank has strengthened its market position in all segments of clients, has increased return on equity and improved the loan portfolio quality, which were considered while upgrading our rating by Fitch», - noted Mr. Bekzhan Pirmatov, the Chairman of the Management Board of ForteBank. 
According to IFRS consolidated reports, ForteBank’s assets have grown by 8% in the first half of 2022. The Bank’s loan portfolio has exceeded KZT 1 trillion, with a 26% growth as opposed to a 5,5% average growth throughout the sector. The consolidated net profit of the Bank has exceeded KZT 44 billion (profit in the 1st half-year of 2021 amounted to KZT 31,6 billion).

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Mass media contact: Yerkin Uderbay, +7 777 731 99 33

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Fitch Upgrades ForteBank Rating to “BB-“, Stable Outlook

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14 July 2022, Nur-Sultan – The Board of Directors of ForteBank announced its decision to appoint Bekzhan Pirmatov as the CEO of ForteBank. 
Bekzhan Pirmatov is a professional banker with 18-year experience in banking industry, including Kazakh and international financial institutions such as HSBC and EBRD. He headed management boards of TsesnaBank and First Heartland Jysan Invest prior to joining Forte team in 2020 as deputy CEO. He is a graduate of Kazakh Economic University (Narxoz University) and George Washington University (USA).   
“Bekzhan Pirmatov has successfully supervised all key business lines, including corporate, SME and retail blocks and treasury since he joined Forte. Taking into consideration his professionalism, knowledge of insights of local and international financial markets, leadership skills, the Board of Directors took decision to appoint Bekzhan as the CEO. We believe that Forte team will continue sustainable growth of business with his leadership”, - Chairman of the Board of Directors of ForteBank Eldar Abdrazakov commented. 
“Forte is an excellent bank and I am grateful to shareholders and Board of Directors for trust and opportunity to upgrade it to a new level. It is important for us to keep consistency and to continue our efficient strategy of universal bank aimed at growth in all business segments, with focus on digital solutions”, - Bekzhan Pirmatov said. 
During the first half of 2022 ForteBank performed progressively in all key business aspects. The assets grew by 15.8 per cent, loan portfolio – by 27.5 per cent, deposits – by 4.5 per cent. The net profit, according to management reporting, amounted to 43.2 billion Tenge. 
On 8 July 2022 international rating agency S&P Global Ratings raised long-term issuer credit rating of ForteBank from “B+” to “BВ-”, outlook “Stable”. Additionally, Agency raised ForteBank’s rating on Kazakhstan national scale to 'kzA-' from 'kzBBB+'.

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Contact for media enquiries: Yerkin Uderbay, +7 777 731 99 33

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