Kazakhstan's ForteBank agrees to buy Home Credit Bank

ASTANA. June 27 (Interfax) - Kazakhstan's ForteBank has reached a deal to acquire 100% of Home Credit Bank's shares, the bank said.

"JSC ForteBank announces that a preliminary agreement has been reached with the shareholders of JSC Home Credit Bank (Kazakhstan) to acquire 100% of the bank's shares," the statement reads. The announcement was published on the Kazakhstan Stock Exchange on Friday.

The transaction is expected to close after approvals from the Agency for Protection and Development of Competition and the Agency for Regulation and Development of the Financial Market.

"Customer services for both banks will continue without changes, with all existing contracts remaining valid and all obligations being honored," ForteBank said.

As of May 1, 2025, ForteBank was Kazakhstan's fifth largest bank by assets among the nation's 21 commercial banks. The bank's majority shareholder is Kazakh businessman Bulat Utemuratov, who holds an 89.01% stake.

Home Credit Bank, operating in Kazakhstan since 2005, is part of the international PPF financial group headquartered in Prague. The bank's principal shareholder is Czech entrepreneur Jiri Smejc, CEO of PPF investment holding, who owns 34.7% of shares. As of May 2025, it ranked 13th by assets in Kazakhstan's banking sector.