President of the National Bank of Georgia (NBG), Natia Turnava, says that the structure of the acquisition deal between Basisbank and Liberty Bank might change, as negotiations between the two parties are still ongoing. Speaking to BMG, Turnava emphasized that while the merger had received regulatory approval, the specific terms of the transaction remain under discussion.
“As far as I know, the structure of the deal might change, and this is still a matter of negotiation between the two entities. I cannot say anything more at this stage,” Turnava stated. She noted that the NBG had reviewed the merger request and determined that the transaction would not harm competition in the banking sector.
“It was decided that the merger of two large banks would not cause competition problems and could even positively influence the high concentration rate in the sector,” she added.
The acquisition process has faced delays due to regulatory requirements and documentation challenges, particularly those involving Basisbank’s Chinese shareholders. Irakli Rukhadze, Chairman of the Supervisory Board of Liberty Bank, told BMG in September that the National Bank’s imposed preconditions had complicated the process and that Liberty’s improved financial performance now warranted a reassessment of the deal’s initial valuation.
“This is more a consequence than a cause,” Rukhadze explained. “The deal was delayed due to documentation issues, especially from China. Meanwhile, Liberty has grown during this time, so the agreement we made at the beginning of the year looks different today, though we continue to work on it.”
In the first nine months of 2025, Liberty Bank reported a profit of GEL 94.5 million, an 8% year-on-year increase, while Basisbank’s profit rose by 40%, reaching GEL 79 million.
