OREANDA-NEWS. September 14, 2011. Azerbaijan’s leading private loan institutions have started the process of subsidiary opening in Georgia.

PASHA Bank’s Board Chairman Farid Akhundov has reported that the bank already opened representative office in Georgia license for which is not needed.

"During certain period of time we want to study the market even more. Following the results we will apply for reception of bank license to start bank operations of full value and Georgian Central Bank has already been informed of that. It is planned for early 2012. at present we tend to think of PASHA Bank Georgia subsidiary",- F. Akhundov noted.

So far only a half-state International Bank of Azerbaijan (IBA Georgia) owns a subsidiary in Georgia. Caucasian Development Bank has its own branch in this  country.