Fortebank Joint Stock Company Acquisition (0489Y)

TIDM45XV TIDMTTM

RNS Number : 0489Y

Fortebank Joint Stock Company

03 May 2019

Nur-Sultan city

03.05.2019

PRESS RELEASE

ForteBank has completed the acquisition of

100% of the shares of Bank Kassa Nova

ForteBank JSC announces the closure of the transaction for acquisition of 100% of shares of Bank Kassa Nova JSC. The transaction has been completed after obtaining the approval of the National Bank of the Republic of Kazakhstan.

"The acquisition of Kassa Nova is one of the steps to implement the strategy of ForteBank JSC development aimed at the consolidation of the banking assets of the group. This transaction will allow ForteBank JSC work with certain more niche segments of the market, and will give Kassa Nova an impetus to further development, will strengthen the financial performance of the bank, and allow its customers gain access to technological and product solutions implemented at ForteBank JSC," Mr. Guram Andronikashvili, Chairman of the Management Board of ForteBank JSC, commented.

Ms. Sholpan Nurumbetova, Chairwoman of the Management Board of Bank Kassa Nova JSC, also noted that this event is fully consistent with the bank's business development strategy:

"In the period of rapid development and market changes, this transaction is a successful step to strengthen financial stability and increase the liquidity of the Bank. Thanks to the access to ForteBank's technological solutions, we will be able not only to optimize costs, but also to improve the quality of services. As a result, our employees and customers will receive a full range of unique services with the most favorable and comfortable conditions."

Bank Kassa Nova JSC will continue to function as a full-fledged subsidiary bank and fulfill its obligations to depositors, creditors and investors.

At the end of 2018, ForteBank is one of 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 1 in Kazakhstan and among the top 10 in the CIS according to Markswebb, Russian analytical agency. For the second consecutive year, ForteBank has been recognized as "Bank of the year in Kazakhstan" by The Banker and Global Finance.

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May 03, 2019 06:40 ET (10:40 GMT)