Statement of the National Bank of Georgia

Statement of the National Bank of Georgia

23 June, 2021
Amendments to the Law of Georgia on Competition and the Organic Law of Georgia on the National Bank of Georgia in 2020 provided a clearer picture of the powers of the National Bank with regards to competition policy. The same amendments stipulated that the National Bank was to develop a competition policy for the entities subject to its regulation by June 1, 2021. Subsequently, the National Bank approved the legislative acts to make its competition decisions more transparent.

The National Bank decisions on concentration (whereas one regulated entity is acquired by another), as well as on the compatibility of such transactions with the competitive environment, or potential violation of competition (by observing the confidentiality of information) will now be published on the official website of the National Bank of Georgia.

This time, the National Bank of Georgia, based on the referral of JSC Credo Bank, initiated administrative proceedings to assess the transaction (in terms of concentration) of the acquisition of 100% of the shares of JSC Finca Bank Georgia by JSC Credo Bank against a competitive environment.

Interested parties are invited to submit their comments on the compatibility of the planned transaction with the competitive environment to the following e-mail: June 28, 2021:

Please be informed that the decision of the National Bank on the compatibility of the concentration with the competitive environment will be published on the website of the National Bank within 7 days after the decision is made.