On November 01, 2023, Moody’s Investors Service affirmed ForteBank’s long-term deposit rating at Ва2 and changed the outlook from “Stable” to “Positive”. 

The affirmation of ForteBank’s rating reflects its strong capitalization, ample liquidity, and strong profitability. Moody’s emphasizes a balance of risks and ForteBank’s strong key metrics.  

The positive outlook reflects the ability of the Bank management to secure significant progress in improving the asset quality and increase profitability against the backdrop of the improving situation in the financial market of Kazakhstan. The agency believes that the growing Kazakhstani economy, reducing inflation and a strong competitive position provide an opportunity for the Bank to develop franchises without taking excessive risks. 

“Forte team has been consistently working on improvement of the key metrics, ensuring balanced growth of portfolios, retaining high capitalization and liquidity. As the result, the Bank continues to strengthen; its reliability for the customers increases, which is evidenced by ratings upgrades and positive changes to the outlook”, - noted the Chairperson of the Management Board Mr Bekzhan Pirmatov. 

In August 2023, Fitch rating agency upgraded ForteBank’s rating to BB, with a stable outlook. The agency noted that the upgrade of ForteBank’s rating reflected the Bank’s asset quality improvement supported by the moderate share of loans. 


Moody’s improves outlook to positive for ForteBank

Astana, 26 October 2023 – ForteBank Joint Stock Company, located at the address: 8/1, Dostyk str., Astana city, Z05P1P0/010017, Republic of Kazakhstan (hereinafter – the “Bank”), hereby announces the changes to the Management Board of the Bank.

In accordance with the resolution of the Board of Directors of the Bank dated 23 October 2023 (minutes of the meeting No. 31 (z)), starting from 23 October 2023, Mr. Ravshan Irmatov is elected as a member of the Management Board of the Bank – Deputy Chairperson of the Management Board (CFO).


Changes to the Management Board of ForteBank JSC

Astana, September 22, 2023 – ForteBank Joint Stock Company located at the address: 8/1, Dostyk str., Astana city, Z05P1P0/010017, Republic of Kazakhstan (hereinafter the “Bank”), hereby informs that the powers of  Mrs. Aliya Dykanbayeva as a member of the Management Board – the First Deputy Chairwoman of the Management Board (CFO) of the Bank, shall be terminated early starting from September 29, 2023, upon her own initiative.

Changes to the membership of the Management Board of ForteBank JSC

Astana, September 21, 2023 – ForteBank Joint Stock Company, located at the address: 8/1, Dostyk str., Astana city, Z05P1P0/010017, Republic of Kazakhstan (hereinafter – the “Bank”), hereby reports on 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 as of September 18, 2023, (minutes of the meeting No. 27 (z)), starting from September 18, 2023, Mr. Astan Sagitov is elected as a member of the Management Board of the Bank – Managing Director.


Information on changes in the membership of ForteBank, JSC Management Board

Fitch international rating agency has upgraded ForteBank's Long-Term Issuer Default Ratings to 'BB' with a 'Stable' Outlook. According to the release of the agency, Forte's rating upgrade reflects the Bank's improved asset quality, which is supported by an only moderate share of loans in total assets at 42% at the end of the first half of 2023.

Fitch draws attention to the Bank's intrinsic strengths, in particular, solid capital and liquidity buffers and robust operating profitability. Forte has demonstrated strong performance in the past four years, with operating profit averaging 4.7% of risk-weighted assets.

A positive factor is the balance of Forte’s portfolio by segments. Forte has good access to the largest Kazakh corporates, including export-oriented companies, in addition to its focus on consumer finance and SME lending.

“In the past 12 months, Forte's rating has been upgraded for the second time, which is a rare event. Fitch's assessment shows how accurately the expert community understands Forte's effective strategy and policies in the market. The 'BB' rating is one of the highest in the sector and is the result of a significant improvement in the bank's performance, reflects our financial strength and demonstrates that Forte is a strong and reliable bank for clients in any segment,” commented Bekzhan Pirmatov, Chairman of the Management Board of ForteBank.

Forte is the fourth largest private bank in Kazakhstan in terms of assets, has a wide branch network in all regions of the country.



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