BIC Bulletin W15/2026

📁 Banking sector & finance

🔹 Bank deposits grow double digits across all segments

The National Bank of Georgia reports robust deposit growth across all segments for the third quarter of 2025. Foreign-currency deposits of legal entities rose 17.7% year-on-year to an equivalent of GEL 12.04bn. Among natural persons, lari deposits gained 14.0% to GEL 12.17bn, while foreign-currency deposits rose 11.8% to GEL 21.53bn. Lari deposits of legal entities grew 12.8% to GEL 21.54bn. In total, foreign-currency deposits amounted to the equivalent of GEL 33.57bn as of 30 September (+13.8% YoY), with the US dollar dominant at 79%, followed by the euro at 19.2%. The data signal persistently high liquidity in Georgia's banking sector and solid confidence among both retail and institutional depositors.

📁 Real estate & construction

🔹 Batumi residential market up 57%

According to Colliers Georgia, the volume of Batumi's residential real estate market reached around USD 300m in the third quarter of 2025 – up 57% year-on-year. In parallel, Galt & Taggart assesses the balance of supply and demand for apartments in Batumi as even: annual demand is around 2,300 new residential units, driven by natural population growth, internal migration within Adjara and the influx of digital nomads. The construction cost index rose 4.7% YoY nationwide in September but edged down a marginal 0.1% on the previous month.

📁 Retail & consumption

🔹 FMCG sector grows 10% to GEL 17.9bn

Georgia's fast-moving consumer goods (FMCG) market achieved a volume of GEL 17.9bn in the first nine months of 2025, corresponding to 10% year-on-year growth, according to Galt & Taggart. Branded retail chains accounted for revenues of GEL 7.5bn – a market share of 41.8% and up 11.6% YoY. The above-average growth rate of branded chains points to ongoing consolidation in retail, with organised retail formats continuing to gain market share from traditional retail.

📁 Energy & infrastructure

🔹 Government cancels memoranda with 50 power plants

The Georgian government has cancelled memoranda with 50 power-plant projects and suspended administrative proceedings for a further 30 projects, according to a market report by Galt & Taggart. In addition, the roll-out of micro power plants is expected to slow after the cap for micro generation was lowered from 500 kW to 100 kW and the billing model switched from net metering to net billing. In the first nine months, local power generation fell 8.6% YoY while consumption rose 2.2%. Only 1.1% of total electricity supply was traded via the energy exchange – still too low a level for robust price signals despite recently rising trading volumes.

📁 Banking sector & M&A

🔹 Basisbank's acquisition of Liberty Bank falls through

The talks over Basisbank's acquisition of Liberty Bank, ongoing since the start of 2025, have collapsed, according to the trade publication Rezonansi. Reasons for the deal's failure were not officially communicated. The planned transaction would have represented significant consolidation in Georgia's banking sector. In parallel, TBC Bank reported a net profit of GEL 904.38m for the third quarter, a modest 1.1% year-on-year increase. The failed merger is likely to leave the existing competitive structure of Georgia's banking market unchanged for now.

📩 Batumi Investment Club

Georgia's largest German-speaking investment club