Liberty Bank is being sold, with BasisBank set to be the acquirer. The National Bank of Georgia has begun reviewing the deal.
News
Trending stories
- 1 NGOs: Ivanishvili-Kuprashvili Bureau Began Enforcing Russian Laws
- 2 Mzia Amaglobeli Fined a Second Time for Placing a Sticker
- 3 Polish PM is ‘working with EU countries to revoke Georgia's visa-free travel’
- 4 Mate Devidze Sentenced to 4.5 Years in Jail
- 5 22-Year-Old Georgian Fighter Demetre Darchia Killed in Russia-Ukraine War
- 6 Gomelauri on Chorchana Checkpoint: We were informed post-factum. It was not coordinated.
JSC Liberty Bank is currently the third-largest bank in Georgia, trailing only Bank of Georgia and TBC Bank, while BasisBank holds the fourth position in the banking sector ranking.
Georgian Financial Group B.V., a company registered in the Netherlands, owns 95.12% of Liberty Bank's shares. The ultimate beneficial owners of the bank are Irakli Rukhadze, Ben Marson, and Igor Alekseev. These same individuals also own Media Finance Group B.V., a company registered in the Netherlands that holds a 100% stake in the pro-government propaganda TV channel Imedi.
In 2024, Liberty Bank's net profit was ₾103 357 000. The bank also generates revenue from the Social Service Agency for providing banking services to pension recipients.
As for BasisBank, in 2012, 90% of its shares were acquired by the Chinese company Xinjiang Hualing Industry & Trade Co. Ltd (Hualing Group), which later increased its share to 92%. In 2024, BasisBank's net profit increased by nearly 14% to ₾87.4 million.
“The National Bank of Georgia is reviewing the issue of compatibility with the competitive environment of the concentration to be implemented by JSC Basisbank (ID 203841833) through the possible acquisition of 95.99% of shares of JSC Liberty Bank (ID 203828304). Both aforementioned economic agents operate in the banking sector. Interested parties can submit their opinions regarding the possible concentration until July 23, 2025, to the National Bank of Georgia", - stated the National Bank in a statement released today, July 10.
Irakli Rukhadze, a U.S. citizen and owner of Liberty Bank and Imedi, confirmed his desire to sell the bank in April. Before this, he was included in the sanctions lists of Ukraine and the Baltic states. In December 2024, the issue of initiating an investigation against Irakli Rukhadze's company, Hunnewell Partners, was discussed in the United Kingdom Parliament.
