Imedi holding founders announce plans to launch own bank after UK sanctions

The new founders of the Imedi Holding on Friday said they plan to establish a bank named Imedi Bank within the next few months, citing financial backing from loyal supporters and sponsors following sanctions by the UK. 

In a statement released by TV Imedi, the founders said the new financial institution would be created in full compliance with all relevant procedures and regulations.

“The only meaningful assessment for TV Imedi is the trust of the Georgian people. Thanks to this trust, we have the highest ratings in Georgia,” the statement said.

The company rejected what it described as “cynical attacks” and “artificial hype”, telling viewers that the broadcaster would face no financial difficulties.

“We have never had a problem attracting advertising or investments,” the statement said, thanking companies and organisations that had expressed solidarity in recent days and confirmed their continued financial support.

It added that several banks had indicated their willingness to continue providing banking services to the television company despite potential complications.

The founders said they were aware of the possible risks to businesses supporting the broadcaster, including reputational pressure or financial challenges, and stressed they did not want partners to become targets.

Referring to previous incidents, the statement said forces that had been directly involved in attacks on free media and freedom of speech since 2007 (under the previous state administration) were again attempting to exert pressure.

“TV Imedi was born to win,” the statement said. “We will continue to inform the public with doubled energy, while ensuring the uninterrupted payment of all employees, including recently increased salaries, and fulfilling all tax obligations.”