Liberty Bank Supervisory Board Chairman Irakli Rukhadze says the sale of the bank to Basisbank is beneficial for investors, the acquiring bank, and Georgia’s economy. He noted that the deal effectively doubles the size of the third-largest bank, strengthening competition in the sector.
“This is a very good outcome for everyone involved. A larger, combined bank will be able to do much more than the two institutions could separately, which is important for increasing competition,” Rukhadze said, commenting on the agreement signed with Hunnewell Partners.
Rukhadze highlighted Liberty Bank’s transformation over the past eight years, with assets growing from 1.7 billion GEL to 6.1 billion GEL. He added that the bank successfully reduced high-interest pension loans and diversified its portfolio, now serving 1.8 million customers with around 5,700 employees.
Following the merger, the combined bank will hold 11.18 billion GEL in assets (10.5% of the system), with an 8 billion GEL loan portfolio and 8 billion GEL in deposits, further strengthening its position in Georgia’s banking market.
