ForteBank Sells Its Leasing Arm to a Luxembourg-Registered Vehicle

ForteBank has disclosed who will end up owning its leasing subsidiary: a controlling stake in JSC ForteLeasing is going to a company backed by an investment vehicle registered in Luxembourg, Kursiv reports.

The buyer is Prime Vector Leasing, a company set up on 15 May 2026. It is owned by Luxembourg-based Matas SCSP, a special limited partnership that acquires stakes in companies and invests in securities. The structure is managed by its general partner, Aredress SA, one of whose managers is Guram Andronikashvili — he spent twelve years at ForteBank, from 2010 to 2022, and headed the bank in 2018–2021. The other manager listed for Aredress SA is Marcel Stefani.

ForteBank's board approved the sale of its leasing business back in April 2026, when the plan was to sell 100% of ForteLeasing for roughly 16.6 billion tenge. During negotiations the bank changed buyers and ultimately agreed to sell a 51% stake, pushing the deal's closing date back to 30 June 2027.

For ForteBank, the sale is part of a broader restructuring: late last year the bank completed the acquisition of 100% of Home Credit Bank for 273.8 billion tenge. ForteBank's main shareholder is billionaire Bulat Utemuratov, who holds a 91.43% stake. ForteLeasing has operated since 2001 and trades on the Kazakhstan Stock Exchange.

Why this matters for Chamber members. Luxembourg investment partnerships are a standard vehicle for structuring ownership of assets in Kazakhstan: this deal is a clear example of how such a registration is used to take a stake in a Kazakhstani financial company — and a steady source of work for Benelux lawyers and advisers active on the Kazakhstani market.