Financial analyst and business adviser Nika Shurgaia believes the National Bank of Georgia (NBG) should not grant a banking license to Imedi Bank. Speaking on BMGTV’s program Tsertili, he said that issuing such a license would raise serious concerns and serve as a “test” for the integrity of decision-makers. According to Shurgaia, the biggest potential damage would be reputational, both for the central bank and for the financial sector it regulates.
While he does not expect immediate international sanctions - calling sanctions against a central bank a “grave and unlikely” step - Shurgaia argues that the NBG would still suffer significant reputational harm. This, he says, would also affect all Georgian banks regulated by what he described as a “dishonorable regulator,” making the entire sector appear less credible. In his view, granting the license would require officials to overlook critical issues such as the founders’ reputations, the qualifications of administrators, and the viability of the business plan.
Shurgaia added that Imedi Bank’s founders would need to pass strict assessments of ownership transparency and management competence - criteria he doubts can be met without raising serious questions. He also warned that technical requirements, including IT systems and security standards, leave a permanent paper trail. “Eventually, someone will have to answer how and why the license was issued,” he said.
According to Shurgaia, the issue will not go unnoticed by international partners. Institutions such as the IMF and the World Bank closely monitor the NBG’s decisions, and any signals of political influence or irregular licensing could harm Georgia’s global reputation. He also pointed to the ruling party’s recent high-level political council meeting, attended by Bidzina Ivanishvili, as a sign that “something serious and alarming” is unfolding behind the scenes.
