Rich business tycoon, Uta Ivanishvili, lessens his ownership share in Cartu Bank to 35 percent.
In a notable development, Uta Ivanishvili, the son of former Georgian Prime Minister Bidzina Ivanishvili, has seen his ownership stake in Cartu Bank decrease from 100% to 35%. The new owners of Cartu Bank are offshore companies registered in the British Virgin Islands: Krista Investments Limited (49.62%), Sargans Limited (49.32%), and Tarpan Management Limited (1.06%).
The restructuring of Cartu Bank does not involve a new shareholder acquiring a significant stake, and it appears to be a shift in ownership rather than the entrance of entirely new external shareholders. The identities of the beneficial owners behind these offshore companies have not been disclosed publicly.
Similarly, Cartu Group, which owns Cartu Fund and, in turn, Cartu Bank, has also undergone a restructuring. The group is now owned by the same three BVI-registered offshore companies in roughly the same proportions as Cartu Bank. This structure reflects Ivanishvili’s reduced direct owning share and suggests partial distribution of control but still within entities linked to him, as no new external shareholders with over 5% stake have appeared according to regulatory filing disclosures.
Interestingly, Cartu Bank is formally owned by the International Charity Fund Cartu, founded by Bidzina Ivanishvili. The bank was transferred to this fund in 2021, and Uta Ivanishvili has been listed as the beneficial owner in recent declarations. The bank is actively distancing itself publicly from direct references to Ivanishvili’s ownership.
Ownership Structure
- Cartu Bank: 35% Uta Ivanishvili; rest held by 3 BVI offshore companies (Krista Investments Ltd 49.62%, Sargans Ltd 49.32%, Tarpan Management Ltd 1.06%)
- Cartu Group: Same 3 BVI offshore companies control the group in similar proportions
- International Charity Fund Cartu: Formal owner of Cartu Bank since 2021
The National Bank of Georgia has received updated documents regarding Cartu Bank's ownership, but it has not intervened in the restructuring of Cartu Bank or Cartu Group. The exact identities of the other entities that now own a part of Cartu Bank are not specified in the article. No new shareholder has exceeded the 5% threshold in Cartu Bank, so further disclosure is not obligatory under current regulations.
This restructuring marks a significant change in the ownership and control of Cartu Bank and Cartu Group, with Uta Ivanishvili's direct stake decreasing and control shifting to offshore entities likely related to him. The bank is now shared with other entities, while Cartu Group remains under the control of Cartu Fund, which is fully controlled by Cartu Group.
The restructuring of Cartu Bank and Cartu Group has resulted in a shift in ownership, with Uta Ivanishvili's direct stake decreasing while offshore entities, including Krista Investments Limited, Sargans Limited, and Tarpan Management Limited, now hold the majority. Despite this change, no new shareholder has surpassed the 5% threshold, implying that no external business partners have entered the finance sector significantly.
