BasisBank, owned by a Chinese Hualing Group, acquired Liberty Bank, Georgia’s third-largest bank, which has been co-owned by the ruling party-close businessman Irakli Rukhadze, the former owner of pro-government Imedi channel, which he sold shortly before it was sanctioned by the UK.
The banks reported the completion of the transaction on April 16, stating that BasisBank became the owner of 95.99% of Liberty Bank’s shares after receiving the necessary regulatory approvals. Liberty Bank has secured major state contracts, including being the exclusive agent for distributing state pensions.
The completion of the deal follows months of negotiations between the two banks, as Liberty Bank co-owner Irakli Rukhadze confirmed plans in April 2025 to sell the bank. In November, however, reports said that BasisBank would no longer acquire Liberty Bank, as Rukhadze said talks between the banks were still ongoing about a possible merger.
The banks, however, did not disclose the sale price. Their general directors – Davit Tsaava of BasisBank and Beka Gogichaishvili of Liberty Bank – said the deal would support Georgia’s economic development.
Rukhadze, the fourth-wealthiest businessman in the country according to Forbes Georgia, had owned around a third of Liberty Bank shares. He also owned the pro-government Imedi TV channel, which he sold in February, weeks before it was sanctioned by the UK for “Russian disinformation,” in what later turned out to be for a symbolic price of GEL 1,000 (approximately USD 370).
Economist and former president of the National Bank of Georgia Roman Gotsiridze said Rukhadze “fled” Liberty Bank “due to fears of sanctions,” writing in a Facebook post, “The pensions and social assistance of more than 1.6 million of our citizens will be distributed by a bank under Chinese control,” warning that the Chinese company that owns BasisBank “will have [access to] the personal data of 42% of Georgia’s population.”
He added, “If there is anything positive to see in this deal, it is that Liberty Bank has escaped the threat of sanctions.”
BasisBank has been Georgia’s fourth-largest bank by assets. In 2012, China’s Hualing Group acquired a 90% stake in the bank, which later increased to 92%. According to the 2025 financial statements, the bank’s total assets stood at GEL 4.9 billion, with a loan portfolio of GEL 3.3 billion and deposits of GEL 3.5 billion. The net profit for 2025 was GEL 122.4 million.
Liberty Bank is Georgia’s third-largest bank, serving more than 1.7 million individual clients and more than 60,000 businesses. Its total assets amount to GEL 5.8 billion, with a loan portfolio of GEL 4.2 billion and deposits of GEL 4.17 billion. Its net profit for 2025 was GEL 128 million. According to 2025 financial documents, the bank’s owners were the founders of Hunnewell Partners: Irakli Rukhadze, Ben Marson, and Igor Alexeev, each owning 31.38% of shares.
Business Media Georgia projects that after the acquisition, the combined bank will have total assets of more than 11 billion lari, accounting for more than 10% of Georgia’s banking system, which remains dominated by Bank of Georgia and TBC Bank, the two largest commercial banks.
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