ASTANA, Kazakhstan, September 15. The Agency for Regulation and Development of the Financial Market (ARFMR) has approved ForteBank to obtain the status of a banking holding company and allowed it to acquire significant participation in the capital of JSC Home Credit Bank, Trend reports via the agency.
The decision was made following a review of the submitted documents and an assessment of compliance with Kazakhstan’s regulatory requirements.
Earlier, ForteBank and the shareholders of Home Credit Bank reached an agreement on the sale of 100 percent of the bank’s shares. The regulator’s approval brings the transaction closer to completion.
Home Credit Bank is one of the largest retail banks in Kazakhstan, with a focus on consumer lending and digital services. ForteBank, one of the country’s leading universal banks, has been expanding its retail segment in recent years.