PRESS RELEASE. ForteBank repays issue of Eurobonds early in the amount of USD 236 570 000
ForteBank announces full early repayment of obligations issued by the bank on December 15th, 2014, in the amount of USD 236 570 000, with the date of maturity in 2024.
Mr. Guram Andronikashvili, Chairman of the Management Board of ForteBank, commented on the news:
“Early repayment of Eurobonds has been accomplished at the expense of the internal funds, due to Forte’s high level of capital adequacy and liquidity. This year, the bank has achieved significant growth of all financial and operational ratios and has joined the top-3 banks in the country in terms of assets. By this repayment, we return funds contributed by the investors on mutually beneficial terms and 5 years earlier than the specified maturity”.
In 2019, Fitch Ratings rating agency improved ForteBank’s outlook from “Stable” to “Positive”. At the same time, Moody’s Investors Service increased ForteBank’s long-term deposit rating from B3 to B1, with a “Stable” outlook, and S&P Global Ratings rating agency increased ForteBank’s ratings from “B” to “B+”, also with a stable outlook.
This early repayment will allow the bank to significantly decrease the cost of funding by using its excessive liquidity in US dollars.
Following the 2018 results, ForteBank is among the three largest banks in Kazakhstan in terms of assets, and occupies a leading position in terms of capitalization and liquidity. ForteBank mobile application was recognized as No.1 in Kazakhstan and among the top 10 in the CIS according to Markswebb, Russian analytical agency. ForteBank was recognized as “Bank of the year in Kazakhstan” by The Banker and Global Finance for the second year in a row.
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