We met with ForteBank's Chairman of the Board, Talgat Kuanychev, near the elevator on the first floor of the bank's building in Astana about 15 minutes before the scheduled time. After ascending to the 8th floor, we found ourselves in an open space. The CEO's office is essentially part of this area and is located deep behind glass doors. "Where's the reception?" I wanted to ask, but the banker preempted my question: "Employees don't need to make an appointment to see me; they can just come or call."
A few minutes later, Timur Isataev joined us. He has been leading the board of directors of ForteBank since April 2024. His connection with the current CEO goes beyond shared work or joint projects; it also includes a long-standing friendship. Ten years ago, Isataev himself was in charge of ForteBank, during the period of its merger with Temirbank and Alliance Bank. He then stepped back from operational management, passing his position to Kuanychev. Now, history is repeating itself.
The bankers decided to give an interview to Forbes Kazakhstan together.
— Talgat Zhumанович, what motivated you to once again become the Chairman of the Board of ForteBank? You already led it in 2015–2016 and have been a member of the bank's board for the past year. Is your appointment related to the arrival of Timur Rizabekovich as the head of the board?
Kuanychev: Yes, as part of the board's work, Timur Rizabekovich and I actively discussed various options for the bank's further development, which we later presented to Bulat Zhamitovich Utemuratov (majority shareholder of ForteBank — F) . The main idea is that Forte can and should grow at a faster pace and fight for market share.
During the discussions, the shareholder suggested I head the board, tasking me with significantly "renewing" the top management, optimizing the structure, and developing further strategies for the bank's growth. This seemed interesting to me.
Isataev: You can see how everything around is changing rapidly: the environment, the economy, consumers, and their demands, and, accordingly, banks must adapt. ForteBank also needs to take another step in its transformation, and the shareholder felt we, together with Talgat, were in the right place at the right time. Moreover, we have been working side by side for more than 20 years, at times even back to back. We have created banks together, sold them, bought them, separated, merged, closed, and even built, for example, this building (laughs).
— You previously mentioned that ForteBank does not rule out the possibility of acquiring other financial institutions. Additionally, you have experience in M&A transactions. I would like to know, have you conducted due diligence on any banks?
Kuanychev: Not yet. But we are ready to do it tomorrow if the opportunity arises. In fact, the bank with the new board must be prepared for any developments.
— Regarding the new composition: why has the board of ForteBank changed so drastically with four people leaving at once?
Kuanychev: Such rotations happen in banks every three to four years, and they usually benefit everyone. At one time, Timur Rizabekovich and I went through a similar path ourselves. It’s a healthy process. This way, stagnation does not occur, and mid-management opens up new opportunities for growth. You can see for yourself that almost the entire new board consists of employees who have worked at ForteBank for many years.
Isataev: The most unpleasant thing is the glass ceiling, when you reach a certain level on the career ladder and are ready to grow but cannot because your superiors are above you. Traditionally, our group actively nurtures a good talent pool that we can always rely on. This greatly distinguishes our corporate culture.
Kuanychev: Moreover, the previous members are not going anywhere: some will remain with the group, and some will go abroad to study, returning later, as I did when I went to get my MBA in the UK. At the same time, the shareholder has a choice of talent pool for the group, which is sourced from the bank.
Isataev: It should be noted that the previous team fully achieved its goals, bringing the bank to strong financial performance and implementing digital services; IT updates are now in full swing. By the way, the new board will now officially include the head of IT, who manages more than 400 employees.
Kuanychev: In general, there has always been a kind of vibe at Forte, you could say a subculture, which, on one hand, lives on its own, while on the other, is shaped by the people. I returned after eight years and felt this, even though I no longer know many of the employees. The truth is, people no longer wear ties (laughs) . Here we are, trying to show with Timur that wearing ties and a formal style is not at all anachronistic.
Isataev: But of course, we understand that the current generation is different.
— What positions do you intend to strengthen in the bank with the new board?
Kuanychev: We are partially restructuring the bank. I would like to see a kind of anthill within it, where all employees, figuratively speaking, move with enthusiasm.
We plan to significantly increase our share in the real sector of the economy, focusing on SME lending.
Overall, we are currently restructuring the corporate block to make it more industry-specific. The goal is to grow, including in construction financing, considering demographic growth trends.
We will focus less on retail. Our branch network, inherited from Alliance Bank, will be reoriented to serve business clients, and the number of services for them will increase.
— So the bank will maintain its universal model and will not become a fintech?
Kuanychev: No, it will not become one. We do not intend to catch up with Kaspi or Halyk.
Let's say we already have our own niche; we remain a classical bank, but with all the elements of modernity and a high level of digitalization. We have everything we need for that. So there won’t be fintech in the form that is being developed in other banks. Rather, we will become an element of one large ecosystem, which the group is currently working on seriously.
— In conditions of high base rates, how realistic is it to increase the corporate loan portfolio?
Kuanychev: We will start small, increasing our risk appetite, even if our margin is small.
In addition, we are considering external borrowings for funding, including through trade finance. We were once leaders in working with correspondent banks and plan to regain our positions. We will continue to actively participate in government programs and use all available tools.
Isataev: I can add that a high base rate is not forever. In our short-term and medium-term forecasts, we expect it to decrease. Therefore, the best way is to resume lending now; this is essentially the traditional business of banks, which maintains their profitability in the long term.
— Has the reduction of the GESV limit on consumer loans negatively affected the bank's profitability?
Kuanychev: No. Unlike other banks, Forte's rates are lower, while the average loan amount is higher. Yes, it is somewhat risky, but we have historically developed a reliable scoring system.
Isataev: I am starting to believe that the bank's genetics is passed