Azer-Turk Bank

OJSC Azer Turk Bank was established by T.C. Ziraat Bank A.S. and Agrarcredit CJS NBCO (former Joint Stock Commercial Agrarsenaye Bank of Azerbaijan Republic) and commenced it’s functioning on 11 July 1995 according to the license №234 dated 29 June 1995, issued by the National Bank of Azerbaijan. The shareholders of the Bank with share capital at the amount of AZN 10.000.000 are: T.C. Ziraat Bank A.S. (46%), CJSC Agrarcredit (46%), Ziraat Bank İnternational AG (4%) and OJSC Turanbank (4%).

License given by NBA grants the right to receive deposits and other repayable funds in national and foreign currency (USD, EUR, TRY, RUB etc.) from individuals and legal entities, extend loans on it’s own name and account, as well as make money transfers and cash selltlements by customers’ instruction. According to this licese, bank can carry out another banking activities under the “Law on Banks” of Azerbaijan Republic except for buying and selling precious metals and stones, receiving and placing deposits of precious metals on it’s own account or on the account of customers. OJSC Azer Turk Bank has been functioning as a dealer since January 23, 2004 according to the license given by the State Securities Committee.

OJSC Azer Turk Bank has correspondent relations with the banks of Turkey, USA, England, Germany and Russia.

OJSC Azer Turk Bank is a member of Azerbaijan Banks’ Association, Baku Stock Exchange, Mili Kart Processing Centre, SWIFT, as well as Western Union, Xpress Money and MIGOM international payment systems and an international organization of plastic cards MasterCard İnternational.

The bank audit in 2005 year was carried out by Deloitte&Touche LLC (www.deloitte.az), in 2006 it was cariied out by KPMG Azerbaijan Limited (www.kpmg.com) and in 2007 by Bank was audited by Moore Stephens Azerbaijan (www.moorestephens.com). External Audit company is selected among the offers from international audit companies conducting audit in Azerbaijan Republic according to the decision of Supervisory Board and taking into consideration the advices of Bank’s Audit Committee for carrying out audit each year.

After the completion of audit for each financial year, net profit for the audited fiscal year is distributed by the decision taken in the following General Meeting of Shareholders and taking into consideration the advices of Bank’s Supervisory Board.