Corporate governance

EXPERIENCE OVER 30+ YEARS

Establishment of an efficient corporate governance system is one of the main courses of our activity.

Beginning from 2007, TuranBank, as an integral part of the institutional development, commenced the activities on establishment and application of corporate governance system, in accordance with the "Regulations on the Application of Corporate Governance Standards in Bank" of the National Bank of the Republic of Azerbaijan and Basel Committee Guidance "On Enhancing Corporate Governance for Banking Organizations", and taking into account good international corporate governance practice.

One of the most important measures taken by the bank in the field of corporate governance was the development of the Code of Business Ethics and corporate behavior in May 2009.

Effective corporate governance is an important part of our identity. We ensure the responsible, value-driven management and control of TuranBank through our system of corporate governance, which has four key elements: good relations with shareholders; effective cooperation between the Management Board and Supervisory Board; a system of performance-related compensation; and transparent, timely reporting.

To strengthen the confidence entrusted to it, the Bank practices good corporate governance and constantly monitors and improves its governance programmers to maintain the highest standards in banking.

Supervisory Board

Supervisory Board consists of 5 person including chairman of the SB

Members of Supervisory Board are selected among the shareholders by voting by show or secret voting of General Meeting of Shareholders for 4 years. The members of SB can be reselected. Criteria for selection of members of SB are as follows:

Chairman and members of SB

Must be shareholder of the bank
Must have background in economics, business or law
Must have at least 1 year experience in management of financial institution. If they do not have such an experience in financial institution by way of exception they can be manager of non-financial organization with at least 1year experience.

Management Board

The Board of Management comprises 5 members including the Chairman. In general, The Management Board is responsible for conducting the business affairs of the Bank while adhering to the statutory requirements under which the Bank is governed. They are also responsible for granting approval for annual accounts, the annual budget, strategic plan, the annual action plan and reviewing financial performance on a regular basis. The Board oversees the granting of approvals relating to key appointments, staff promotions, major capital expenditure, investment and credit. The Members have free access to all information pertaining to the affairs of the Bank.

Chairman and members of Management Board:

Must have at least 3 years experience in bank or analogous financial institutions
Must have background in economics, business or law
Professional knowledge and experience in the field
Managerial and teamwork skills
Purposefulness
Creativity, communicative

Management Board meetings must be held at least once in a month. Extraordinary meeting are called by the chairman or one of the members of the Board.

Compliance and Transparency

TuranBank is committed to maintaining transparency in all its dealings. The Bank complies strictly with Azerbaijan banking legislation and International Accounting Standards and relevant regulations to ensure accountability. Strong internal compliance measures have been integrated into the Bank's daily operations. In accordance with IFRS, financial statements are published annually financial results are published in the national newspapers every quarter in compliance with the requirements of the National Bank of Azerbaijan.

Convenient, safe and fast banking

TuranBank Concludes Strategic Project Promoting Gender Equality Through International Collaboration

TuranBank, one of the country’s leading banks, has successfully concluded a strategic project aimed at promoting gender equality in the financial sector. Implemented within the framework of a long-term collaboration between Enabling Qapital, a leading Swiss fund regulated by FINMA, and the School of International and Public Affairs at Columbia University, USA, the project combined research and practical methodologies to support more inclusive practices in the financial sector. As part of the project, six graduate students from Columbia...

TuranBank Launches Preferential Loans Financed by the Energy Efficiency Fund

TuranBank, one of Azerbaijan's leading financial institutions, has introduced a new financing solution as part of its commitment to sustainable development and the green economy. Under the strategic cooperation agreement signed with the Energy Regulatory Agency (EMTA) in April this year, the Bank has commenced the issuance of preferential loans financed by the Energy Efficiency Fund. Following the successful completion of the legal and institutional preparations in April, the financing mechanism is now fully operational and available to...

TuranBank and ITFC Continue Successful Financing Cooperation

TuranBank OJSC, one of the leading financial institutions in Azerbaijan, continues its successful partnership with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group. Under the USD 10 million financing agreement signed between the parties to expand the financing of international trade operations, TuranBank has successfully completed the attraction of USD 2 million for the next stage. As a result, the total volume of funds drawn down under the aforementioned agreement to date has...

TuranBank’s Ganja Branch Relocates to a New Premises

TuranBank, a financial institution recognized for its sustainable growth in the banking sector, strong customer trust, and reputation as a reliable business partner, continues to expand and improve its service network in line with its strategic development objectives. As part of this strategy, TuranBank’s Ganja Branch has been relocated to a new address and officially opened for customer service. The opening ceremony was attended by the Bank’s senior management and representatives. Going forward, the Ganja Branch will operate from...

TuranBank Attracted Funds in Local Currency from International Funds to Finance Business

Business Baku, Azerbaijan – TuranBank OJSC, one of the leading banks in Azerbaijan in the field of small and medium business financing, has signed new loan agreements with funds managed by the reputable Incofin Investment Management of Belgium. According to the agreements, the Bank has attracted financial resources in local currency equivalent to USD 1.25 million from the "Incofin Climate-Smart Microfinance Fund" (CSMF) and EUR 2 million from the "Incofin Microfinance Fund" (IMFI) for a period of 3 years. These funds will be directed...

TuranBank Conducts Beach Cleanup Campaign on the Caspian Coast in Cooperation with the Ministry of Ecology and Natural Resources

With the aim of protecting the environment and raising ecological awareness, TuranBank OJSC has implemented its next environmental campaign with the support of the Ministry of Ecology and Natural Resources (MENR). Within the framework of the project titled "Clean Coasts with TuranBank", bank employees and eco-volunteers carried out extensive cleanup work along the coastline of Bilgah settlement. By participating in the collection of various types of waste, they contributed to making the area cleaner and more suitable for recreation. It should...

TuranBank Chairman Participates as a Speaker at the Islamic Development Bank Group Annual Meetings

Mr. Orkhan Garayev, Chairman of the Management Board of TuranBank ASC, participated as a speaker in a key panel discussion held within the framework of the 51st Annual Meetings of the Islamic Development Bank Group. The Chairman spoke at the panel entitled “Integrating SMEs into Regional Value and Supply Chains: Reducing Trade Barriers, Ensuring Order Fulfillment, and Strengthening Linkages Among Market Participants”, where he shared strategic insights on the role of the banking sector and regional financial instruments in...

TuranBank Signs a Intent Declaration Worth USD 15 Million with the Islamic Corporation for the Development of the Private Sector (ICD).

TuranBank OJSC, one of the leading financial institutions in Azerbaijan, and the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group, have signed an intent declaration to attract USD 15 million in funding to support private sector projects in Azerbaijan. The signing ceremony took place at the opening event of the Private Sector Forum, held as part of the Islamic Development Bank Group Annual Meetings. The Memorandum of Understanding was signed by Dr. Khalid...

TuranBank Attracts Funding to Promote Gender Equality and Financial Inclusion

TuranBank OJSC, which places a strong emphasis on gender equality and expanding women's access to financial opportunities, has successfully concluded another important international cooperation agreement. Within the framework of its partnership with Belgium-based Incofin Investment Management, the Bank has secured funding from the Global Gender-Smart Fund S.A., SICAV (GGSF) in the amount of the local currency equivalent of USD 5 million for a period of three years. The attracted funds will be directed towards financing micro, small, and...

Services