ForteBank Charts Kazakhstan’s Global Financial Future Through Strategic Expansion and Innovation]

ForteBank Charts Kazakhstan’s Global Financial Future Through Strategic Expansion and Innovation]

The Presidential Palace in Astana, Kazakhstan&nbsp

Interview with: Talgat Kuanyshev, CEO, ForteBank

ForteBank is one of the leading banks in Kazakhstan, serving retail, SME and corporate clients and boasting 21 branches and 71 outlets across the country. The bank’s Chief executive officer is Talgat Kuanyshev, a banking executive with more than 30 years of leadership experience in Kazakhstan’s financial sector. He has led ForteBank through key phases of strategic development and transformation, with a focus on sustainable growth and operational excellence. Kuanyshev spoke to World Finance about the bank’s recent landmark acquisition, a bond issue that made history, and why growing awareness among investors means there is no longer a need to “explain Kazakhstan from the ground up.”

ForteBank acquired Home Credit Bank late last year – what was the rationale behind this acquisition?
The acquisition of Home Credit Bank is a logical step in the execution of our long-term strategy. We were looking for an opportunity to accelerate growth in the retail and consumer segment – an area where Home Credit Bank has built strong expertise and brand recognition. For Forte, this transaction adds a mature retail technology platform and a well-established customer base. By combining the expertise of the two banks, we expand our product offering and strengthen our focus on service quality and reliability.

What benefits will this transaction bring to ForteBank’s clients and shareholders?
For our clients, the key advantage at this stage is continuity: all existing agreements remain valid, and clients of both banks continue to be served under the same terms through the same channels – branches, call centres and digital platforms. In the medium term, clients will gain access to a broader product range, combining Forte’s corporate and premium offerings with Home Credit’s strong consumer lending expertise. For shareholders, the logic is equally clear: we strengthen our market position, build a more resilient and diversified business and create a platform for sustainable growth. This deal is not about scale for the sake of scale – it is about the quality of growth.

Do you expect any challenges during the integration process, and how will you address them?
Any integration of this scale comes with operational complexity, and we approach it with realism rather than excessive optimism. Our principle is simple: customer experience comes first, and we will not compromise service stability for the sake of faster technical integration. Therefore, the integration will be phased, with priorities determined by business value rather than arbitrary timelines.

Last year ForteBank issued $400m in Additional Tier 1 (AT1) bonds. Why was this milestone so important?
The significance of this issuance goes far beyond a single transaction. It is the first Additional Tier 1 placement in Kazakhstan’s capital market – a benchmark that opens a new chapter in the development of the country’s financial system. The bonds were issued in accordance with 144A/RegS standards, listed on the Vienna MTF and the Astana International Exchange (AIX), governed by English law, and fully compliant with Basel III requirements. The instrument is included in Tier 1 capital in tenge.

We expand our product offering and strengthen our focus on service quality and reliability

For ForteBank, this is part of a deliberate strategy: strengthening the capital structure, diversifying funding sources and expanding access to international markets. For Kazakhstan, it sets a precedent demonstrating that local institutions can attract capital from the deepest global liquidity pools on terms comparable to issuers from more established markets.

The issuance was three times oversubscribed – what drove such strong demand from international investors?
Yes, the order book was nearly three times oversubscribed, with participation from more than 100 investors from the UK, the US, Switzerland and Hong Kong. The geography and quality of the investor base speak for themselves: this was not opportunistic demand, but a well-balanced allocation among long-term institutional investors. Confidence was driven by several factors – ForteBank’s reputation as an issuer with transparent reporting and disciplined capital management, the structural quality of the instrument, and the growing recognition of Kazakhstan as a mature emerging market. We worked with a strong syndicate – JPMorgan as global coordinator and bookrunner, First Abu Dhabi Bank, Commerzbank, and Mashreq as joint bookrunners, and ForteFinance as the local placement partner.

Have you observed a shift in global investor confidence in Kazakhstan in recent years? What is driving the country’s development as an increasingly attractive emerging market?
Yes, the shift is tangible. A few years ago, discussions with international investors required a significant “educational” component – Kazakhstan had to be explained from the ground up. Today, these conversations start from a much higher level of awareness. Investors come informed about the country’s macroeconomic stability, its strategic position between major economic blocs, and the depth of reforms in the financial sector. The geography of demand for our AT1 issuance – the UK, the US, Switzerland, Hong Kong – would have been difficult to imagine five years ago. This is supported by several factors: prudent monetary policy, strengthening of the regulatory framework under the Agency for Regulation and Development of the Financial Market, and the emergence of Kazakh issuers building a credible track record in international markets. Each successful transaction by a Kazakh issuer makes it easier for the next – and we see our role in continuing to set these benchmarks.

In 2025, ForteBank became the first commercial bank in Kazakhstan to secure a syndicated loan in Chinese yuan. Why was this transaction so important?
This is the first syndicated loan in yuan raised by a commercial bank in Kazakhstan – RMB 750m (€95m) with a three-year tenor. Its significance is twofold. First, it expands the toolkit available to Kazakh banks: syndicated funding has traditionally been predominantly USD-based, and the introduction of yuan opens a new dimension of currency diversification. Second, it reflects the practical realities of our economy – China is one of Kazakhstan’s largest trading partners, and a significant share of our corporate clients conducts settlements in yuan. The ability to fund these flows directly in the same currency reduces FX risk for our clients. This is the kind of benchmark that creates a template for others to follow.

What does this mean for the future of commercial lending in the country and the development of alternative currency financing?
I believe we are at the beginning of a structural shift. The dominance of the US dollar in cross-border financing will remain, but the share of alternative currencies – yuan, dirham, and others – will continue to grow as trade flows evolve. For commercial lending in Kazakhstan, this is a positive trend: borrowers gain more options, banks can align funding with the currency of their clients’ businesses, and vulnerability to shocks in a single currency is reduced. Our yuan deal was twice oversubscribed, with five international banks participating in the syndicate – including ICBC Standard Bank, First Abu Dhabi Bank, the Export-Import Bank of China as Mandated Lead Arrangers, and Altyn Bank as the arranger.

The proceeds are directed toward major investment projects in metallurgy, industry, and other strategic sectors, supporting modernisation and enhancing the international competitiveness of our economy.

What is your vision for expanding business flows and strengthening ties between China and Kazakhstan? How do you plan to achieve this?
Kazakhstan and China are neighbours with deep economic ties: a shared border, infrastructure projects, and growing trade volumes. Forte’s role in this landscape is to provide clients with convenient and reliable financing for operations with Chinese counterparties. The yuan syndicated loan is an important step in this direction: it not only diversifies our funding but also lays the foundation for further cooperation. Within this transaction, we partnered with leading Chinese institutions – ICBC and the Export-Import Bank of China – and we see this as a foundation for building long-term partnerships.

Across all these initiatives, there is a clear theme of expansion and diversification. What is your long-term strategic vision for ForteBank?
If we look at these three transactions together – the AT1 issuance, the yuan syndicated loan, and the acquisition of Home Credit Bank – they are not three separate stories. They are three expressions of the same long-term strategy: building a bank that is structurally stronger, more diversified, and more deeply integrated into the global economy. AT1 strengthens our capital base and provides capacity for further lending to Kazakhstan’s economy. The yuan loan diversifies funding and aligns it with how our clients actually conduct business. The acquisition of Home Credit expands our capabilities in retail and accelerates our entry into consumer finance. Each of these steps addresses a specific objective or opens a new opportunity – and together they position ForteBank as a bank that supports Kazakhstan’s economy across all cycles. That is the bank we are building.

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