Nur-Sultan city, 22 October 2019 – ForteBank Joint Stock Company located at: bldg. 8/1, Dostyk str., Nur-Sultan city, 010017, Republic of Kazakhstan (hereinafter referred to as the “Bank”), hereby reports the changes in the composition of the Management Board of the Bank.

In accordance with the resolution of the Board of Directors of the Bank dated 22 October 2019 (minutes of meeting No.47), as from 22 October 2019, the powers of Mr. Zh.Zh. Mamutov, a member of the Management Board – Deputy Chairman of the Management Board of the Bank, were terminated.

Information on changes in the composition of ForteBank JSC Management Board

Every year, The Banker selects the best financial institutions from more than 140 countries, basing on the criteria of dynamic growth of a bank, development and implementation of innovative banking technologies, as well as the implementation of strategic projects. The Banker magazine has been published since 1926 and is part of the Financial Times group.

Commenting on the award, Mr. **Guram Andronikashvili**, Chairman of the Management Board of ForteBank, said:

“We are grateful to The Banker for the appreciation of our achievements. The award for two consecutive years confirms the effective performance and the right strategy. Under difficult market conditions, ForteBank has achieved success in all areas of business, having demonstrated strong growth.”

According to The Banker experts, the main factors that determined ForteBank’s victory were the strengthening of market positions, the growth of key financial indicators, the development of new business areas and high quality customer service.

ForteBank is one of the five largest banks in Kazakhstan in terms of assets, and occupies a leading position in terms of capitalization and liquidity.

ForteBank recognized as “Bank of the year in Kazakhstan” by The Banker for the second year in a row

According to S&P analysts: “We have affirmed our ratings on the bank because we expect that its professional management team, supportive shareholder, good level of disclosure, and very limited related-party business will enable it to withstand increased industry risks in the Kazakh banking system. We also think that the bank's liquidity is sufficient and well-managed with a good liquidity buffer. Looking ahead, we anticipate that the bank could further develop its broad-based franchise in Kazakhstan.”

 

**Mr. Guram Andronikashvili**, the Chairman of the Management Board of ForteBank, commented on the news:

“ForteBank continues to demonstrate positive financial performance and operating results, maintaining a leading position in terms of capital adequacy and liquidity. The financial performance reflects our customers’ high confidence in the bank and the excellent work of the entire team.”
_________________________________________________________________________________

ForteBank is one of the most stable, liquid and well-capitalized banks in the country, trusted by more than 2,000,000 customers. The bank has 19 branches and about 100 outlets. Mobile application of the bank was recognized as №1 in Kazakhstan and among the top 10 in the CIS according to Markswebb, Russian analytical agency. In 2017, ForteBank was recognized as “Bank of the year in Kazakhstan" by The Banker and the best bank in Kazakhstan by Global Finance.


Contacts:

Investor relations

Phone: +7 (7172) 58 75 75 (ext. 10249)

E-mail: IR@fortebank.com

 

Press office

Phone: +7 (7172) 59 99 99 (ext. 10868, 10975)

E-mail: epeltola@fortebank.com

News&Press releases

Important notifications