Five months have passed since the owners of broadcaster “Imedi” announced that they would establish a new bank “in the shortest possible timeframe”, but it remains unclear whether an official application for a banking license has been submitted to the National Bank of Georgia (NBG).
“Within the shortest possible timeframe, in just a few months, we will create our own bank called ‘Imedi Bank’,” the broadcaster said in its announcement. BMG contacted the National Bank to clarify whether the licensing process had begun. After several weeks of waiting, the regulator responded that information about applicants seeking a banking license is made public only if the respective entity itself agrees to disclose such information.
The National Bank told BMG that under its commercial banking licensing principles, information about applicants for a banking activity license is published only when the applicant expresses willingness and provides consent. The regulator also noted that such information is generally disclosed only after a banking license has been granted. However, the NBG has not clarified whether its response means that the owners of “Imedi” have chosen not to make the application information public.
BMG attempted to contact the shareholders of the “Imedi” holding to determine whether an application and relevant documents had been submitted, but received no response. Calls to the holding’s 50% shareholder Ilia Mikelaishvili, as well as to the company’s director and 10% shareholder Mariam Lomidze, went unanswered. The creation of “Imedi Bank” was announced on February 27, shortly after the UK imposed sanctions on “TV Imedi” and “PosTV” over allegations related to the spread of Russian disinformation. The sanctions included asset freezes, restrictions on trust services, and director disqualification measures. The ownership structure of “TV Imedi” had changed earlier in February, when 50% of Georgian Media Production Group was sold to “Prime Media Global”, while the remaining shares are held by members of the broadcaster’s management board.
