Uta Ivanishvili, the son of billionaire and former Prime Minister Bidzina Ivanishvili, no longer owns 100% of Cartu Bank, according to ownership documents submitted to the National Bank of Georgia (NBG). The updated records indicate that his stake has decreased to 35%.
Cartu Bank is fully owned by Cartu Fund, which in turn is 100% owned by Cartu Group. Therefore, a reduction in Uta Ivanishvili’s stake in Cartu Bank also reflects a proportional decrease in his stake in Cartu Group, from 100% to 35%.
The latest shareholder information for Cartu Group, as listed in the Public Registry, shows ownership divided among three offshore companies, all registered in the British Virgin Islands:
- Krista Investments Limited – 49.62%
- Sargans Limited – 49.32%
- Tarpan Management Limited – 1.06%
While the registry does not disclose the beneficial owners of these entities, previous disclosures by Cartu Bank indicated that Uta Ivanishvili was the 100% beneficial owner, implying that he fully controlled the three offshore companies at that time. The recent changes suggest that his ownership stake in these offshore firms has also dropped to 35%.
The National Bank of Georgia clarified that its approval is not required for this kind of ownership restructuring, unless there is a change in a shareholder holding 10% or more of the bank’s shares. Since no other shareholder currently owns more than 5%, the bank is not obligated to disclose further ownership details under current regulations.
This marks a significant shift in control over Cartu Bank and its related entities, though the full details of the new ownership structure, particularly the identities of the new beneficial owners, remain undisclosed.
