Prepared by Messenger Staff
BasisBank Acquires Liberty Bank in Major Georgian Banking Deal
BasisBank, owned by China's Hualing Group, has acquired Liberty Bank, Georgia's third-largest bank, the lenders announced on April 16.
The transaction gives BasisBank control of 95.99% of Liberty Bank shares after receiving regulatory approval. The sale price was not disclosed.
Liberty Bank plays a major public role in Georgia's financial system, including acting as the exclusive distributor of state pensions for more than 1.6 million beneficiaries.
The deal follows months of negotiations. Co-owner Irakli Rukhadze first confirmed plans to sell the bank in April 2025. However, reports in November suggested the deal had stalled before talks later resumed.
Rukhadze, who previously held about one-third of Liberty Bank, also owned the pro-government Imedi TV, which he sold earlier this year shortly before it was sanctioned by the United Kingdom for "Russian disinformation." The sale was later reported to have been symbolic in value.
The combined institution is expected to hold more than 11 billion lari in assets, accounting for over 10% of Georgia's banking sector. Despite the deal, the market remains dominated by Bank of Georgia and TBC Bank, the country's two largest lenders.
Georgian Dream Moves to Transfer Foreign Education Recognition to Schools
The Ministry of Education and Science has proposed amendments that would shift the recognition of general education obtained abroad from the National Center for Educational Quality Enhancement to individual schools.
Under the draft law, schools would assess and recognize foreign education under procedures set by the education minister. The change would remove the national agency from the process.
The ministry said the reform reflects international practice. "In these states, the recognition of general education obtained during studies is carried out by general educational institutions without the involvement of the relevant national agency," the explanatory note said, citing countries including Germany, France, the United States, Spain, and others.
It also argues the current system is largely formal. "The Center has a somewhat formal role, since no matter what decision it makes, the student is entitled to continue receiving education in the relevant class," it said.
Under the proposal, students returning from abroad would still be enrolled based on age or placed in a lower class with consent if grade placement is unclear.
