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.

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TuranBank Secures Revolving Credit Line of up to USD 8 Million from the Asian Development Bank

The Asian Development Bank’s Trade & Supply Chain Finance Program (ADB TSCFP) has confirmed an increase in TuranBank’s overall limit under the Credit Guarantee Product to USD 8 million. This expansion marks another significant milestone in the long-standing cooperation between TuranBank and ADB TSCFP, underscoring the growing confidence of international financial institutions in TuranBank’s strategic development, risk management practices, and operational capabilities. ADB TSCFP has also assigned a new revolving credit...

TuranBank attracts local-currency financing from an International Financial Institution

Invest in Visions (IIV), through the IIV Mikrofinanzfonds and the IIV FINANCIAL INFRASTRUCTURE FUNDS, FCP RAIF – DKM MIKROFINANZFONDS A, has successfully invested in TuranBank, one of Azerbaijan’s leading banks in financing small and medium-sized enterprises (SMEs). The transaction was structured in cooperation with the reputable Incofin Investment Fund. Under the agreement, the international investors are providing TuranBank with a synthetic loan in Azerbaijani manats (AZN), equivalent to USD 15 million, with a maturity of three...

TuranBank Announces Financial Results for Q3 2025

One of Azerbaijan’s leading financial institutions, TuranBank OJSC, has announced its financial results for the third quarter of 2025. According to the report, the Bank has maintained its strong market position and continued its steady growth trajectory. As of the end of Q3 2025, TuranBank’s total assets increased by 5%, reaching AZN 893 million. In line with its strategic goals, the Bank continued to expand financing for micro, small, and medium enterprises (MSMEs). The loan portfolio grew by 9.1% (AZN 59 million) compared to the...

TuranBank Introduces “Open Banking” Functionality for its Customers

Continuing its efforts to expand digital banking services and enhance customer satisfaction, TuranBank OJSC has introduced the “Open Banking” functionality through its mobile application. This new feature enables customers, with their consent, to centrally view information about their accounts and payment transactions held with other banks directly via the TuranBank Mobile App and Internet Banking platforms. Users can easily monitor their balances, transaction histories, and overall financial status, as well as set the...

TuranBank Signs Loan Agreement with ECO Trade and Development Bank

TuranBank, one of the leading banks in Azerbaijan in the financing of micro, small, and medium-sized enterprises (MSMEs), continues to expand its cooperation with international financial institutions. As part of this effort, the Bank has signed a new EUR 5 million loan agreement with the reputable ECO Trade and Development Bank (ECO TDB), aimed at strengthening MSME financing. The facility has been provided for a five-year term, and the funds will be used to support the financing needs of small and medium-sized businesses in Azerbaijan. This...

TuranBank Azerbaijan Signs $15 Million Line of Financing Agreement with the Islamic Corporation for the Development of the Private Sector (ICD)

TuranBank, a leading player in Azerbaijan’s banking sector recognized for its strong international partnerships, has signed a financing agreement with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB) Group. Under this agreement, ICD will extend USD 15 million Line of Finance for a term of five years to support Small and Medium-sized Enterprises (SMEs) in Azerbaijan and improve access to financial resources for the private sector, in line with...

TuranBank wins International Award for “Best SME Deal of the Year”

TuranBank, one of Azerbaijan’s leading financial institutions, has been recognized as the winner in the “Best SME Deal of the Year” category at the 11th Trade and Supply Chain Finance Program Awards 2025, organized by the Asian Development Bank (ADB)—a highly regarded event in the global financial sector. The award was officially presented to TuranBank during a formal ceremony held on September 2, 2025, in Singapore. This prestigious competition assessed trade and supply chain finance projects implemented by banks...

TuranBank became the official partner of the World Final of the International Programming Contest

Actively supporting the digitalization processes in our country, TuranBank is the official partner of the 49th International Programming Contest (ICPC) World Final to be held in Azerbaijan from August 31 to September 5, 2025, within the framework of the Azerbaijan Banks Association. It should be noted that the competition, which is considered the most prestigious programming competition in the world, is organized by the “ICPC Foundation” and hosted by ADA University, in partnership with the Central Bank of the Republic of...

TuranBank Secures Local Currency Loan from International Financial Institution

TuranBank, one of Azerbaijan’s leading banks in the financing of small and medium-sized enterprises (SMEs), continues to strengthen its successful partnerships with international financial institutions. The Bank has signed a new loan agreement in local currency with the reputable “Covid-19 Emerging and Frontier Markets MSME Support Fund SCSp SICAV-RAIF,” managed by Switzerland’s leading impact investment manager, BlueOrchard Finance. Under the agreement, the Covid-19 Emerging and Frontier Markets MSME Support Fund SCSp...

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