Kazakhstan's financial regulator approves deal between ForteBank and Home Credit Bank

ASTANA. Sept 15 (Interfax) - Kazakhstan's Agency for the Regulation and Development of the Financial Market has permitted ForteBank to acquire 100% of the shares of Home Credit Bank, the agency said.

"The resolution of the board on granting JSC ForteBank permission to acquire a significant participation in the capital of JSC HomeCreditBank has been approved," it said.

A total of four agency resolutions related to the acquisition deal of Home Credit Bank by ForteBank have been published. Thus, the agency gave its consent to Bulat Utemuratov to acquire indirect significant participation in Home Credit Bank. JSC Nova Leasing (Utemuratov's company) received the status of a bank holding company in relation to Home Credit Bank; the bank will be indirectly controlled through it. ForteBank is recognized as a holding company in relation to Home Credit Bank. Forte thus becomes the parent company after the deal.

ForteBank, the international financial group PPF, and the group's CEO Jiri Smejc concluded a share purchase agreement for 100% of the shares of Home Credit Bank (Kazakhstan) on June 27. The closing of the deal is expected within the coming months, following approval by regulators. It is assumed that in the first stage, Home Credit Bank will operate as an independent subsidiary bank; its gradual integration into ForteBank's structure will take around a year. As of August 1, ForteBank ranks fourth in terms of assets among the country's 22 banks.

Home Credit Bank has been operating in the Kazakh market since 2005. The bank has 58 branches and 146 micro-offices in 18 cities of Kazakhstan. In March 2025, the international rating agency Fitch Ratings affirmed the bank's Long-Term Issuer Default Rating in foreign and national currency at BB-. The rating outlook is stable. As of August 1, the bank ranks 11th among Kazakh banks.

PPF Group operates in 24 countries, investing in the financial sector, telecommunications, media, e-commerce, biotechnology, real estate and transport engineering. The group owns assets worth 43.5 billion euros.

The majority shareholder of ForteBank is Kazakh businessman Bulat Utemuratov (90.92%).