“This deal was initially ‘killed’—the National Bank killed it. The reason was that it did not like it; there were Chinese elements coming in, the documentation, who was behind it—it could not fully understand who stood behind it. So the National Bank told us no, you will not be allowed to proceed. In the end, we were brought back to it and made to do it properly, and now they are probably happy that there is a large bank in the country,” businessman Irakli Rukhadze said regarding the sale of “Liberty Bank” to “Basisbank.”

When asked whether the acquisition of “Liberty Bank” by “Basisbank” means a green light for Chinese capital, Rukhadze stated that in Georgia there is a green light for capital from all countries, but in reality neither Western, nor Chinese, nor American capital is entering the country.

“Strangely, everyone thinks I understand politics, but I don’t. If I didn’t understand something, I used to go to ‘Imedi’ and ask them to explain what was happening. Now even that ‘Imedi’ is not there for me to ask,” he said. “From my perspective, I saw that the deal was initially killed by the National Bank. We had two interactions, we agreed on something, and then the National Bank killed the deal. It said no, you will not be allowed. I will not go into details of what exactly happened. The National Bank should want such a deal to happen. Given Georgia’s economy, you should want a bank with not 5–6% of the market, but 10–12%, to properly compete with the two large banks. If you need diversification in the banking sector, and you do need it, you should want such a deal.”

He added that it should not matter whether the capital is Chinese, Azerbaijani, Mozambican, or American. “The National Bank wanted it, and it was right to want it, but it still ‘killed’ it. The reason was that it did not like some Chinese elements, the documentation, and it could not fully understand who was behind it, so it said no. This dragged on so long that at some point I said I am no longer interested, because I had agreed on a price based on the end of 2024 results, and by September 2025 I still did not know what was happening, so I withdrew, because the bank was growing and the price no longer suited me. But I withdrew because the National Bank ‘blocked’ it—and it was right to do so.”

He added that the situation eventually led to the deal being completed, though the price changed due to the delay. Regarding Chinese capital, he said he is not convinced there has ever been a true “green light” for any capital in Georgia. “Capital is not coming in—not because it is not allowed, but because it simply does not come. Chinese capital has not entered since 2012. The ‘Basisbank’ deal was probably the first and last. People say China is building roads, but those are built with our money through tenders.”

He concluded that “green light” should exist for Chinese, American, and even non-sanctioned Russian capital, adding that even Russian capital is not entering the country. “This is one of the most important problems—and opportunities—for Georgia’s economic development,” Rukhadze said in Sasha Katsman’s podcast.