Irakli Rukhadze, the owner of Liberty Bank, expressed optimism about the possible acquisition of Liberty by Basisbank, stating that if completed, the deal would benefit Georgia’s economy and its banking sector. The news follows a report by BMG, which cited sources claiming the acquisition is likely to be finalized in the coming weeks.
Rukhadze emphasized that while negotiations with Basisbank have been ongoing for months, not all terms of the deal are finalized. Talks are continuing, and there is no certainty yet about the outcome or timeline.
“Nothing new actually happened yesterday, but the Georgian media reacted strongly. We’ve been in talks with Basisbank for a long time. I’m more optimistic now than before, but that doesn’t guarantee the deal will happen,” Rukhadze said.
He explained that if the merger goes through, the combined entity would become the third-largest bank in Georgia, significantly larger than the current third-place bank. This increased scale would allow it to participate in larger loan markets and compete more effectively with the two dominant players, which currently monopolize such opportunities.
“If completed, this will change a lot. Smaller banks like us and Basisbank are limited in how much we can lend. This merger would enable real competition with the two leading banks, which is good for the economy overall,” Rukhadze noted.
He also mentioned that if the negotiations with Basisbank do not result in a deal, Liberty is open to exploring other potential partners.
Rukhadze concluded by clarifying that under current legislation, systemic banks like TBC and Bank of Georgia cannot be acquired.
