– Kazakhstan has set ambitious goals for attracting investment and diversifying its economy. Based on its own engagement with international partners and investors, how does ForteBank assess foreign capital’s current interest in Kazakhstan? How is this interest changing?
– Interest in Kazakhstan remains, but it is becoming more focused and selective. While many international investors previously viewed the country primarily through the lens of its natural resources, their interests are now considerably broader. Their focus includes the financial sector, infrastructure, transportation and logistics, energy, telecommunications, the agro-industrial sector, manufacturing, and digital technologies.
At the same time, investors’ approach to assessing opportunities in emerging markets has changed significantly. A general understanding of a country’s or region’s potential is no longer sufficient. Investors conduct a more thorough assessment of the specific jurisdiction—the quality of its regulatory environment, the resilience of the financial model, ownership structure and corporate governance, the local partner’s capabilities and reputation, and its ability to manage risks effectively and ensure high-quality execution throughout the project life cycle.
We also see this in our work with international financial institutions. Interest comes both from traditional partners in Europe and the Middle East and from Asian institutions. International capital is prepared to enter Kazakhstan when offered clearly structured projects, transparent terms, and a reliable local partner.
– What factors do the investors ForteBank works with regard as Kazakhstan’s main advantages, and which issues or risks are most frequently discussed before an investment decision is made?
– Among Kazakhstan’s advantages, investors primarily cite the size of its economy, its resource base, its geographical position between the major markets of Europe and Asia, and its considerable potential for developing transportation routes and non-extractive industries.
Other important factors include a fairly mature banking system, the ability to operate through the Astana International Financial Centre, the development of market infrastructure, and a consistent policy of attracting foreign investment.
At the same time, international partners always carefully assess foreign-exchange risks, inflation, the cost of funding, regulatory predictability, the protection of investors’ rights, and how well a specific project has been prepared. Sanctions compliance, the source of funds, supply-chain transparency, and environmental and social risks are becoming increasingly important.
As a result, competition for capital now takes place not only among countries but also among individual projects. Even a promising industry does not in itself guarantee investment. A project must have a transparent structure, a professional team, sound economics, and a clear mechanism for recovering invested funds.
– ForteBank has significantly strengthened its presence in international capital markets recently, raising substantial external funding. What does the willingness of international financial institutions to provide capital to a Kazakh bank indicate about their perception of Kazakhstan and their confidence in its financial institutions?
– Each such transaction entails an in-depth review of the Bank: its financial condition, risk management system, ownership structure, corporate governance, compliance processes, and long-term strategy. The willingness of international institutions to provide capital therefore reflects their assessment not only of the borrower itself but also of the environment in which it operates.
In 2025, ForteBank placed USD 400 million in five-year Eurobonds and subsequently completed the Kazakh market’s first issuance of USD 400 million in perpetual subordinated Additional Tier 1 bonds. In 2026, the Bank raised a two-year USD 300 million syndicated loan with the participation of major international banks. We are also expanding our cooperation with export credit agencies and financial institutions from various countries.
Naturally, international investors’ confidence develops gradually and is largely determined by the individual performance and quality of operations of each financial institution. At the same time, Kazakh banks’ successful track record in international capital markets helps foster a deeper understanding of the country’s investment opportunities and steadily strengthens international perceptions of Kazakhstan’s financial sector.
– To what extent have international investors’ requirements for banks themselves changed? What is decisive today: financial performance, credit ratings, the quality of corporate governance, ownership transparency, ESG practices, or the risk management system?
– Today, none of these factors can be considered in isolation. Investors assess a bank comprehensively.
Financial performance and capital adequacy remain fundamental. A credit rating helps an investor quickly weigh risk against potential return. This is followed, however, by a deeper analysis of loan portfolio quality, risk concentration, funding structure, liquidity, corporate governance, ownership transparency, compliance, and the Bank’s ability to operate amid external changes.
Requirements for managing sanctions risks, cybersecurity, data protection, and business continuity have increased significantly. ESG is also gradually shifting from supplementary information to a standard part of the assessment. Investors are interested not only in whether the relevant policies are in place but also in how environmental, social, and climate risks are incorporated into lending and investment processes.
The quality of the entire management system is becoming decisive. Strong financial results are important, but investors must also understand how they were achieved and how capable the Bank is of remaining resilient over the long term.
– ForteBank has significantly expanded its business recently, including through the acquisition of Home Credit Bank. How does the Bank’s increased scale affect its ability to attract international capital and participate in financing larger investment projects in Kazakhstan?
– Increased scale strengthens the Bank’s market position, expands its customer base, and contributes to greater business diversification. This is important to international partners because a larger, more diversified financial institution generally has greater capacity to distribute risks and execute complex transactions.
For ForteBank, the acquisition of Home Credit Bank was not simply an increase in assets. We view the synergy between the two banks as an opportunity to combine strong capabilities in corporate, small and medium-sized enterprise, and retail banking, as well as in technology and customer service.
Increased scale also enables the Bank to consider larger projects and structure solutions involving international financial institutions, export credit agencies, and partner banks. These may include syndicated lending, trade finance, credit lines under development institution programs, and targeted funding.
However, size alone does not guarantee access to capital. For investors, it must be accompanied by an adequate level of capitalization, sound risk management, sustainable profitability, and a clear development strategy.
– One of the most frequently discussed issues is businesses’ access to long-term financing. Based on ForteBank’s experience, what is needed to increase the availability of long-term capital in Kazakhstan and expand market-based financing for investment projects?
– Long-term financing cannot come from a single source. Increasing the availability of long-term capital in the economy requires a developed financial ecosystem in which banks, institutional investors, international financial institutions, the capital market, and government support instruments complement one another.
The first and most fundamental prerequisite is macroeconomic predictability. The more stable the inflation and foreign-exchange environment, the lower the overall risk for the borrower and the investment project, and consequently the greater the ability of banks and investors to offer longer financing tenors on terms acceptable to businesses. For long-term lending, it is particularly important that the borrower be able to forecast its cash flows and debt-servicing costs over the entire term of the project with a sufficient degree of confidence.
The development of the capital market itself is equally important, including broadening the range of institutional investors, introducing a wider array of long-term funding instruments, and achieving greater secondary-market liquidity. This enables banks and companies to diversify their funding sources and raise resources for longer terms.
For banks, the key is their ability to channel the funding they raise into high-quality investment projects with clear economics, a transparent risk structure, and a sufficient horizon for capital repayment. Rigorous project appraisal, effective risk management, and sustainable demand from businesses are particularly important in this regard.
Finally, international financial institutions and the government play a significant role through risk-sharing mechanisms, guarantees, and programs supporting priority investment areas. Such instruments make it possible to attract private capital to areas where, without additional risk mitigation, the investment horizon may remain insufficient.
Thus, the objective is not only to increase the volume of financing, but also to create conditions under which capital becomes genuinely long-term: available on predictable terms, diversified by source, and capable of supporting investment projects throughout their entire life cycle.
– ForteBank’s international credit ratings have shown positive momentum. To what extent does the rating of a particular financial institution influence investors’ perceptions not only of the Bank itself but also, to some degree, of the country in which it operates?
– A bank’s rating primarily reflects its own credit profile: capitalization, asset quality, profitability, liquidity, risk management system, and market position. At the same time, a financial institution does not operate separately from its country’s economy and regulatory environment.
For an international investor, sovereign risk and banking risk are interconnected. Positive rating momentum at major banks therefore adds to the overall picture of the market and demonstrates that the country is home to financial institutions that meet the requirements of international capital.
In 2026, Fitch Ratings affirmed ForteBank’s long-term issuer default ratings at “BB” with a Stable Outlook, while Moody’s Ratings upgraded the Bank’s long-term deposit ratings to Ba1 with a Stable Outlook. For us, this is primarily an independent assessment of the work accomplished and the resilience of our business model.
At the same time, a rating is no substitute for direct engagement with investors. It opens the door, but the ultimate decision depends on the quality of information disclosure, the Bank’s performance, its strategy, and management’s ability to answer difficult questions from the market.
– Kazakhstan currently competes for international capital with other rapidly growing markets in the region. Based on ForteBank’s experience, what do Kazakhstan’s financial institutions need to become more competitive and attract more private international capital?
First and foremost, it is important to consistently strengthen the international profile and reputation of Kazakhstan’s financial institutions. For an international investor, predictable conditions, transparency, high-quality information disclosure, and a clear understanding of how the investment project will be implemented are all important.
In this context, investor relations should be viewed as a long-term process rather than as engagement limited to a single transaction. Regular, high-quality information disclosure, a presence on international financial platforms, consistent communication of strategy, effective corporate governance, and good-faith fulfillment of commitments provide a solid foundation for long-term relationships with the international investment community.
Further development of instruments for raising international capital also remains a key priority. In addition to Eurobonds and bilateral financing, these include syndicated loans, trade finance, project finance, securitisation, sustainable finance instruments, export credit agency guarantees, and various forms of cooperation with international financial institutions.
Finally, the effective transformation of international capital raised into financing for the real sector of the economy is of great importance. Investors need to understand not only a transaction’s financial structure, but also its economic rationale: how the funds will be used, what impact is expected, and how risks will be managed.
Consistent progress in these areas—increasing transparency, broadening the range of instruments, strengthening financial institutions, and developing well-structured projects—helps give Kazakhstan’s economy greater access to international funding sources and strengthens its international financial profile.
