

Fortebank brings 2022 to a close with the record high results 
The Bank grows steadily against the tumultuous economic background 
Against the background of such factors as uncertainty in the economy, high inflation, international sanctions against Kazakhstan’s primary trade partner – Russian Federation, dissolution of the established chains of transportation and logistics, Kazakhstani ForteBank brings 2022 to a close with the record high key indicators (according to IFRS consolidated financial statement)*: 
•	The assets have grown by 15% and amounted to KZT 2,8 trillion;
•	The lending portfolio has grown by 45% and amounted to KZT 1,17 trillion;
•	The deposit portfolio has grown by 16%, reaching KZT 2 trillion;
•	Net profit has amounted to KZT 98 billion, which is 53% higher than the year before. 
The Bank actively conducts digitalization of the services for business; as of this moment, most transactions and services for the legal entities have been transferred to the Internet-banking and ForteBusiness mobile app. The business banking digitalization has been highly appreciated by the international expert community. Based on the results of 2002, the professional magazine AsiaMoney named Forte the best bank in Kazakhstan for small and medium enterprises. 
In 2022, Forte extended loans to the legal entities for a total amount of KZT 726,5 billion, which is 58% higher than the year before. The deposit portfolio for the legal entities grown by 11% and reached KZT 1,26 trillion. 
In the retail segment, ForteApp mobile application has already become the primary sales channel. While in 2021 only 20% of the unsecured loans have been granted online, in 2022 this indicator was 86%. Almost all new deposits of the Bank – meaning 99% - are opened in the app. 
As the result, in 2022 Forte’s retail lending portfolio grown by 38% and amounted to KZT 428,3 billion. The private individuals’ deposits grew by 26%, reaching KZT 748,5 billion. 
“By working consistently and professionally, in 2022 our team managed to use the existing market opportunities. Without increasing the risk, we have achieved increase of the quality customers number, which has allowed us to achieve excellent indicators in all areas of business. These outcomes have also been assessed by the rating agencies; last year, two largest international agencies upgraded our credit ratings”, - commented Bekzhan Pirmatov, Chairman of Forte’s Management Board. 
ForteBank is one of the largest banks in Kazakhstan in terms of assets and possesses an extensive branch network throughout all regions of the country. In March 2023, S&P Global Ratings international rating agency updated its outlook for ForteBank’s rating to “Stable” and confirmed the rating at BB-/B. In September 2022, Fitch Ratings international rating agency upgraded the long-term rating of ForteBank to ВВ-, with “Stable” outlook. Both agencies noted Forte’s strengthening position in terms of capitalization, asset quality improvement and strong market position.  
*Approval of the audited financial statement of ForteBank JSC by the annual general meeting of shareholders is expected on May 2nd, 2023. 


Fortebank brings 2022 to a close with the record high results 

ForteBank Joint Stock Company (hereinafter referred to as the “Bank”), the executive board (Management Board) located at the address: 8/1, Dostyk str., Yessil district, Astana city, Z05P1P0/010017, Republic of Kazakhstan, hereby notifies its shareholders on Annual General Meeting of shareholders of the Bank (hereinafter the “Meeting”) convened at the initiative of the Board of Directors of the Bank (Minutes of Meeting No. 8 (z) dated March 31, 2023) pursuant to Article 35.1, Article 37.1, 37. 3.3 and Article 41 of the Law of the Republic of Kazakhstan “On Joint Stock Companies” (hereinafter the Law “On Joint Stock Companies”).
The Meeting will be held on May 2, 2023, at 10.00 a.m. (Astana time), at the following address: Conference Room “Astana”, 8th floor, 8/1, Dostyk str., Astana city.
The participants shall be registered on May 2, 2023, from 09.00 a.m. to 09.45 a.m. (Astana time) at the venue of the Meeting.
The register of the Bank shareholders eligible to participate at the Meeting will be compiled as at 00.00 a.m. (Astana time) on April 6, 2023.
In the absence of a quorum, the adjourned Meeting will be held on May 3, 2023 at 10.00 a.m. (Astana time) at the same address and with the same agenda. The participants of the adjourned Meeting will be registered on May 3, 2023 from 09.00 a.m. to 09.45 a.m. (Astana time) at the venue of the Meeting.
* * *
Agenda of the Meeting 
1.	On approval of the 2022 annual financial statements of the Bank.
2.	On approval of the procedure for distribution of the Bank’s 2022 net income, the amount of the dividend per common share of the Bank.
3.	On the Report of the Board of Directors of the Bank for the past financial year.
4.	On the appeals of shareholders to the actions of the Bank and its officials, and the results of consideration thereof.
5.	On the amount and composition of remuneration of members of the Board of Directors and the Management Board of the Bank in 2022.
* * *
The agenda of the Meeting is subject to amendments and/or supplements as stipulated by the law.
Pursuant to Article 44.4 of the Law “On Joint Stock Companies”, the materials on issues of the agenda of the Meeting shall have been prepared and available for familiarization of shareholders not later than 10 days prior to the date of the Meeting at the location of the Management Board of the Bank.
Upon request of a shareholder of the Bank, the materials on issues of the agenda of the Meeting shall be sent thereto within three business days from the day of the request receipt, provided that the costs for making copies of documents and delivery of documents shall be borne by the shareholder.
For more information on the Meeting, please call: +7 (7172) 59 99 99, extension 10200.
* * *
We hereby offer the shareholders of the Bank to get acquainted with the following procedure for the Meeting holding.
In accordance with article 17.5 of the Republic of Kazakhstan Law “On Banks and Banking Activities in the Republic of Kazakhstan”, legal entities incorporated in offshore zones the list whereof is established by the competent authority (see: resolution of the Management Board of the Agency of the Republic of Kazakhstan for regulation and development of financial market dated February 24, 2020, № 8 On establishing a list of offshore zones for the purposes of banking and insurance business, operation of the professional participants of stock market and other licensable types of activity on the stock market, business of the joint stock investment funds and business of organizations performing micro-financial activities), shall not be able to directly or indirectly own and (or) use, and (or) dispose the voting shares of the Republic of Kazakhstan banks.
Pursuant to para.5-1 of the said article, the shareholder participating in the general Meeting  of shareholders shall submit a statement which indicates the compliance with para.5 of the present article by its shareholders (participants), in case the bank has no information on country of residence of such shareholders (participants). 
A shareholder who has not submitted the above stated statement is not allowed to participate in the general Meeting of shareholders. 
In this regard, at registration, participants of the Meeting shall submit documents confirming their eligibility to participate in the Meeting and vote on issues considered at the Meeting.
The shareholders (representatives thereof) arrived shall be registered before opening of the Meeting. It is required to have an identity document. A representative of the shareholder must submit a power of attorney confirming the authority thereof to participate and vote at the Meeting.
A shareholder (representative of a shareholder) arrived to take part in the Meeting held in-person is to be registered.
A shareholder (representative of a shareholder) who has not been registered shall not be counted in determining the quorum and shall not be entitled to vote.
The Meeting opens at the announced time if a quorum is present.
The Meeting shall held elections of the chairperson and the secretary of the Meeting, determines the form of voting – open or secret (by poll).
In accordance with Article 50.1 of the Law “On Joint Stock Companies”, voting on the agenda of the annual general Meeting of shareholders is carried out under the principle of “one share – one vote”, except for providing each person eligible to vote at an annual general Meeting of shareholders with one vote on the procedural issues of holding the general Meeting of shareholders.
The chairperson shall not be entitled to interfere with the speeches of those eligible to participate in the discussion of the agenda issue, except for cases when such speeches result in violation of the rules of the Meeting or when the dispute on this issue is over.
The Annual General Meeting of shareholders shall be entitled to take a decision on suspension of its work and on extension of the period of work, including postponement of consideration of certain issues of the agenda of the general Meeting of shareholders to the following day.
The Annual General Meeting of shareholders may be declared closed only after consideration of all the issues of the agenda and adoption of resolutions thereon.
In accordance with Article 52.1 of the Law “On Joint Stock Companies”, the minutes of the general Meeting of shareholders shall be drawn up and signed within three business days after the closing of the general Meeting of shareholders.
The Meeting shall be held in accordance with Articles 35-37, 39-48, 50-52 of the Law “On Joint Stock Companies”, Articles 17.5 and 17.5-1 of the Law “On Banks and Banking Activities”, and Article 15 of the Bank Charter.
* * *
We are looking forward to welcoming the shareholders of the Bank to participate in the Annual General Meeting of shareholders of the Bank.


On May 2, 2023, the Annual General Meeting of ForteBank, JSC shareholders will take place 

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.


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