/KASE, June 7, 2019/ – ForteBank (Nur-Sultan), whose securities are officially
listed on Kazakhstan Stock Exchange (KASE), has provided the following press
release to KASE:
quote
On June 6, 2019, the S&P Global Ratings international rating agency announced its
decision to upgrade the ratings of ForteBank from “B” to “B+” with the outlook
being “Stable”
According to S&P analysts: “We have increased ForteBank’s ratings, as we believe
that over the past three years the bank has significantly strengthened its
competitive position, and it is the third largest bank in Kazakhstan, with a
market share of 8% in terms of assets. We think that experienced management team
of ForteBank and supportive shareholder, Mr. Bulat Utemuratov, enabled the bank
to generate new business of a good quality, proceed with the successful recovery
of legacy problem loans, and increase profitability.”
Mr. Guram Andronikashvili, Chairman of the Management Board of ForteBank,
commented on the news:
“The rating upgrade to the “B+” level by S&P Global Ratings Agency is an
important event for the bank and a high assessment of the work of the whole team.
Improvement of the rating is another indicator of strengthening of ForteBank’s
market position in Kazakhstan, and allows us to continue providing quality
services to our customers. ForteBank demonstrates positive financial results,
maintaining a leading position in terms of capital adequacy and liquidity.”
unquote
More details are available on KASE –
http://kase.kz/files/emitters/ASBN/asbn_reliz_060619_en.pdf
[2019-06-07]