Bekzhan Pirmatov Appointed as CEO of ForteBank

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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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The ratings has been raised on the stronger capitalization

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08 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+'.

S&P Global Ratings says, that ForteBank capitalization strengthened, and they expect the bank will operate with a higher capital buffer and continue to be in top five banks in Kazakhstan in terms of assets.

«The Bank is leaning on its diversification between retail and corporate customers on both sides of the balance sheet and sustainable new business generation with an expected loan growth of 10%-15% to retain its market share. For 2021, ForteBank posted Kazakhstani tenge (KZT) 64 billion net consolidated profit (about $160 million), corresponding to a return on average common equity (ROAE) of about 23.7%. For the first five months of 2022, ForteBank reported about KZT30 billion net profit under national GAAP. We expect the bank to continue generating solid earnings over 2022, with ROAE hovering around 20%», - as noted in S&P Global Rating release.

The agency believes that recent changes in management are unlikely to affect the bank's strategy implementation: «The new CEO, Mr. Bekzhan Pirmatov, has been with the bank's management team for several years. The transition was smooth, suggesting that the leadership changes won't upset the business dynamics or operational approach. In our view, the bank's major shareholder, Mr. Bulat Utemuratov, supports the bank's current strategy implementation. »

According to S&P Global Ratings, ForteBank has significantly advanced the recovery of legacy problem loans over the past five years. The bank has experienced an increase in problem loans due to the economic fallout of the COVID-19 pandemic. Nevertheless, we expect the bank's asset quality will continue to improve gradually over 2022-2032. The stock of problem assets improved last year, with the share of Stage 3 loans at about 11% of the loan portfolio declining from 26% at year-end 2020. We anticipate the
credit costs in 2022 will remain elevated but not higher than the system-wide average of about 2%, reflecting the challenging operating conditions and potential negative spillover effect on borrowers' creditworthiness. An inflationary spike, alongside the disruption of trade and logistic chains stemming from the Russia-Ukraine conflict, could weigh on borrowers' payment discipline and create additional provisioning needs for banks in the system. However, since economic fundamentals in the context of Kazakhstan's external buffers remaining supportive, we consider that any deterioration in asset quality would likely be moderate and temporary».
  While commenting on the news, the acting Chairperson of the Management Board of ForteBank Bekzhan Pirmatov has noted: 
«The rating upgrade by S&P Global Ratings confirms the effectiveness of strategy chosen by ForteBank, which is underpinned by balanced, conservative credit policy, digitalization of products and services and based on them developing of ecosystem for retail and business clients. Our business model has proved its sustainability, over the past 3-4 years all our performance indicators have been steadily growing. We adhere to continuity, remain a classic and reliable universal bank operating in all segments, including  retail, SMEs and large businesses.»

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Contacts for media: Yerkin Uderbay, +7 777 731 99 33
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International rating agency S&P Global Ratings upgraded the ratings of ForteBank from “B+” to “BВ-”, outlook “Stable”

The Board of Directors of ForteBank announced a preterm resignation of Reinis Rubenis from the position of CEO on personal reasons effective from 15 July 2022. Reinis took over as CEO of ForteBank on 10 January 2022, before this appointment he had been the CEO of Swedbank Latvia for five years.   

21 June 2022, Nur-Sultan – the Board of Directors of ForteBank announced a preterm resignation of Reinis Rubenis from the position of CEO on personal reasons effective from 15 July 2022. Reinis took over as CEO of ForteBank on 10 January 2022, before this appointment he had been the CEO of Swedbank Latvia for five years.   
 
“Geopolitical landscape has changed dramatically this year and made it difficult for my family to relocate to Kazakhstan. It became determinant in making this hard decision to resign preterm as the CEO. I am going back to Latvia. I take this opportunity to thank all Forte colleagues for a unique chance to be a part of very intense period in the development of ForteBank. We have used every opportunity to grow and increase our business in these turbulent times, but at the same time compliance and low risk tactics have been a priority for us. It has been a great opportunity to get to know incredible Kazakh culture, learn about domestic financial industry and I hope my contribution to Forte has laid further ground for successful growth,” - Reinis Rubenis noted.
 
“The Board of Directors understands Reinis’ preterm resignation request. Every manager tries to find a right work-life balance. An efficient manager is first of all a happy manager. On behalf of the Board of Directors I thank Reinis for his contribution and wish him every success in his further career,” - said Eldar Abdrazakov, the Сhairman of the Board of Directors. Bekzhan Pirmatov, a deputy CEO of ForteBank, will be acting CEO effective from 15 July 2022.

Over the past five months of 2022 ForteBank ensured progressive growth in all aspects of its business. The assets grew by 8%, loan portfolio – by 14,8%, net profit made 35 billion tenge. Moody’s Investors Service confirmed the Bank’s rating at “Ba2” level with “Stable” forecast. 


Press-office: 
Yerkin Uderbay, +7 777 731 99 33



Reinis Rubenis Resigns as CEO of ForteBank

Changes to the membership of the board of directors of ForteBank JSC

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ForteBank JSC (location of the Management Board: 8/1, Dostyk str., Yessil District, Nur-Sultan city, Z05P1P0/010017, Republic of Kazakhstan) (hereinafter referred to as “the Bank”) informs on changes to the membership of the Board of Directors of the Bank.
In accordance with the resolution of the Extraordinary General Meeting of Shareholders of the Bank as of June 7, 2022 (meeting no. 02/22), Yerlan Ospanov was elected a member of the Board of Directors of the Bank in the capacity of representative of the interests of Bulat Utemuratov, a shareholder of the Bank, as from June 7, 2022.
Thus, starting with June 7, 2022, the membership of the Bank's Board of Directors will be as follows:
•	four representatives of the shareholder's interests: Anuar Utemuratov, Timur Issatayev, Marlen Mirzabekov, Yerlan Ospanov;
•	two independent directors: Yeldar Abdrazakov and Hubert Pandza.

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On the results of the vote at the extraordinary general meeting of shareholders of ForteBank JSC

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ForteBank JSC (hereinafter – the Bank), with its executive body (Management Board) located at the address: 8/1 Dostyk str., Yessil district, Nur-Sultan, Z05P1P0/010017, Republic of Kazakhstan, hereby informs on the results of the vote at the Extraordinary General Meeting of Shareholders of the Bank (hereinafter – the Meeting) which has taken place on June 7th, 2022, from 10.00 a.m. until 11.00 a.m., Nur-Sultan time, at the address: “Astana” conference-hall, 8th floor, 8/1 Dostyk str., Nur-Sultan, Z05P1P0/010017, Republic of Kazakhstan.
In accordance with the approved agenda, the following issues have been considered and the following resolutions have been made at the Meeting, based on the results of the vote.
* * *
Regarding the issue 1 of the agenda “On approval of the amendment № 2 
to the Provision of the Board of Directors of ForteBank JSC”
To approve the amendment № 2 to the Provision on the Board of Directors of ForteBank JSC in accordance with the addendum 1 hereto; said amendment shall come into force on the day following the date of this resolution.
* * *
Regarding the issue 2 of the agenda “On election of a member of the Board of Directors of the Bank”
1.	To elect Mr. Erlan Ospanov as a member of the Board of Directors of the Bank and representative of the interests of Mr. Bulat Utemuratov, the shareholder of the Bank.
2.	To establish that the term of office of Mr. Erlan Ospanov as a member of the Board of Directors of the Bank shall expire simultaneously with the expiration of the terms of office of the Bank’s Board of Directors as a whole, that is, on the date of the Annual General Meeting of Shareholders of the Bank in 2025.
3.	To determine the amount of monthly fixed remuneration of the member of the Board of Directors of the Bank, Mr. Erlan Ospanov, before any taxes and other deductions, in accordance with the resolution of the Annual General Meeting of Shareholders of the Bank (minutes dated March 29th, 2021 № 01/21).
4.	To establish that other payments, as well as reimbursement of expenses to the member of the Board of Directors of the Bank, Mr. Erlan Ospanov, shall be made in the amount of and in accordance with the procedure established by the Policy of remuneration of the members of the Board of Directors of ForteBank JSC and reimbursement of expenses thereof.
* * *
The total number of the common voting shares of the Bank represented at the Meeting throughout its entire period is 73 714 243 282 (98,11113 % of the total number of the common voting shares).

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