TuranBank OJSC

What TuranBank OJSC does

TuranBank OJSC is an Open Joint-Stock Company incorporated in Azerbaijan in 1992 and headquartered in Baku, operating as a mid-sized universal commercial bank. It provides a comprehensive suite of banking services to retail customers, small and medium-sized enterprises (SMEs), and corporate clients, delivered through 22 service points across Azerbaijan supplemented by mobile banking, internet banking, ATM network, and third-party payment terminals (eManat, MilliÖN, BKM interbank). Its product portfolio spans business and consumer loans, deposits, Visa/MasterCard plastic cards, domestic and international money transfers, documentary operations (letters of credit and bank guarantees), trade finance, currency exchange, POS-terminal merchant acquiring, cash-in-transit, payroll project services, credit life insurance, and online account opening via electronic signature (ASAN Imza/SIMA).

The bank's revenue model rests on three streams: interest income from its lending book (business, consumer, mortgage, and Lombard credits), fee and commission income from documentary operations, currency exchange, card services, money transfers, and cash-in-transit, and transaction-based trade finance revenue from import-export L/Cs and Murabaha-based structures. POS-terminal installation and maintenance are offered free of charge, with transaction-based commissions as low as AZN 25 monthly minimum per terminal. The bank reports under IFRS and is subject to Azerbaijan's National Bank regulatory regime with FATCA and AML/CFT compliance programs in place.

TuranBank's strategic positioning is distinctive within the Azerbaijani market: it has cultivated an 18-year relationship with the Islamic Development Bank Group (via ICD since 2008), and in 2025-2026 alone secured approximately USD 58 million in debt-financed lines from ADB, ICD (two facilities), ITFC, responsAbility Investments AG, and the Global Gender-Smart Fund, channeling concessional development capital into SME lending, gender-smart financing, and energy efficiency projects supporting Azerbaijan's non-oil sector diversification agenda.

Name

TuranBank OJSC

Legal name

TuranBank OJSC

Website

https://turanbank.az

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

101–250 employees

Short description

TuranBank OJSC is an Azerbaijani universal commercial bank founded in 1992, headquartered in Baku, operating 22 service points and serving retail, SME, and corporate customers with loans, deposits, trade finance, cards, and digital banking channels.

Ownership category

akta.pro rank

Product category

Commercial and Retail Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Islamic Corporate Banking (FSABAGAC)

akta.pro secondary industries

Islamic Transaction Banking (Cash Management & Treasury Services) (FSABAGAF), Payables & Disbursements (ACH/SEPA, wires, checks, virtual cards) (FSABAIAB), Export Credit Agencies (ECAs) & Trade Finance Institutions (BPADACAF)

Keywords

• Retail banking services
• Commercial lending
• Trade finance
• Plastic card issuing
• Money transfer services

Headquarters

HQ city

Baku

HQ country

Azerbaijan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Interest Income: Revenue from interest earned on loans provided to retail and corporate customers including business loans, consumer loans, mortgage loans, and Lombard credits
2. Fee and Commission Income: Revenue from banking services including documentary operations (letters of credit, guarantees), currency exchange operations, money transfers, card services, and cash-in-transit services
3. Trade Finance Services: Revenue from international trade financing operations including import-export L/Cs, Murabaha-based trade finance, and documentary credit transactions

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

TuranBank OJSC is an Azerbaijani commercial bank that provides a full suite of retail and corporate banking products and services to individuals, SMEs, and large corporates. Its core offerings include business and consumer loans, deposits, Visa/MasterCard plastic cards, money transfers, documentary operations such as letters of credit and bank guarantees, POS-terminal acquiring, cash-in-transit, payroll projects, currency exchange, and digital banking through mobile and internet channels. The bank distributes these services through 22 branches and sub-branches across Azerbaijan.

Product overview

TuranBank OJSC operates as a full-service commercial bank offering a unified platform of financial services. The core product portfolio spans business banking (loans, deposits, documentary operations, payroll projects), retail banking (personal loans, deposits, plastic cards, money transfers), and digital channels (mobile banking, internet banking, digital wallet). Specialized services include trade finance instruments, POS-terminal merchant services, cash-in-transit, currency exchange, and investment products. The bank serves customers through 22 service points across Azerbaijan with both physical branches and digital banking capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Business Loans Commercial lending products for legal entities, including business credit lines, project loans financed through the Agricultural and Entrepreneurship Development Fund, and working capital financing for SMEs. Targeted at Azerbaijani businesses seeking growth capital and project funding.
• Retail Loans Personal lending products for individuals including consumer cash credits, pawnshop/guaranteed loans, mortgage financing, and other consumer credit facilities. Optional Credit Life Insurance is available as an add-on.
• Deposits Savings products available to both individual customers and legal entities, with multiple terms, currencies (AZN, USD, EUR, and others), and interest rate options. Account opening is provided free of charge.
• Plastic Cards Visa and MasterCard debit and credit cards in Platinum, Infinite, Gold, Classic, and Standard variants, with contactless and co-branded offerings for individual and corporate customers. Cards are interoperable via the BKM interbank card center.
• Money Transfers Fast domestic and international remittance services with multiple pickup and delivery options for retail customers and businesses.
• Documentary Operations Trade finance products for corporate clients including import and export letters of credit (L/Cs), bank guarantees (participation, performance, advance payment guarantees), and related documentary credit operations. Includes Murabaha-based trade finance for Shari'ah-compliant transactions.
• Mobile Banking Smartphone application enabling customers to manage accounts, make payments, perform transfers, and access banking services with biometric authentication.
• Internet Banking Web-based banking platform for account management, payments, transfers, and access to financial services through internet browsers.
• POS-Terminal Services Point-of-sale terminal installation, maintenance, and merchant acquiring service for retail merchants to accept card payments. Installation and maintenance are provided free of charge with a transaction-based commission (minimum AZN 25 per terminal monthly if turnover is up to AZN 1,000).
• Cash-in-Transit Services Secure transportation, delivery, and management of cash and valuables for corporate clients using armored vehicles with armed security personnel.
• Payroll Projects Salary disbursement and payroll management service for businesses to pay employees through the bank's account and card infrastructure.
• Currency Exchange Cash and non-cash conversion of major currencies including USD, EUR, GBP, CHF, TRY, RUB, AED, SAR, KWD, and GEL at rates based on Central Bank and market rates, with separate cash and non-cash buy/sell spreads.
• Bank Consulting Financial advisory services covering cash operations, fund placement, loan selection, documentary operations, securities market activities, and banking services guidance for clients.
• Digital Wallet Mobile-based digital wallet that stores payment credentials and enables contactless transactions through a smartphone.
• Investment Tokens Investment securities and token-based products offered to customers seeking investment opportunities through the bank.
• Online Account Opening Remote account opening service enabled through ASAN Imza or SIMA electronic digital signature for individual and corporate customers without visiting a branch.
• Credit Life Insurance Insurance product covering outstanding loan balances in the event of borrower death or disability, with payouts directed to the insurance company.

Quantifiable outcome

• Over 33 years of sustainable growth in Azerbaijan's banking sector
• +1 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature3 records

Partnerships

One partnership is on record.

• Azerbaijan Energy Regulatory Agency (AERA)coreStrategic or Co-development Partner · 13 April 2026Cooperation agreement for provision of preferential loans through authorized credit institution using Energy Efficiency Fund resources to promote implementation of energy efficiency measures

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Bank of Baku: Azerbaijani commercial bank offering similar retail, SME, and corporate banking services with comparable geographic focus on the domestic market, serving as a direct mid-tier competitor to TuranBank.
• Yelo Bank: Azerbaijani private bank offering retail and SME banking products with similar digital channel capabilities and branch network scale, competing for the same customer segments as TuranBank.
• Premium Bank: Mid-sized Azerbaijani commercial bank providing retail and corporate banking, including loans, deposits, and trade finance—directly comparable in scale and product set to TuranBank.
• Bank Respublika: Azerbaijani commercial bank with comparable retail, SME, and corporate banking offerings, similar mid-tier positioning, and similar reliance on DFI partnerships for trade finance.
• AGBank: Azerbaijani commercial bank providing comparable full-service banking including trade finance, retail loans, and SME financing, competing in the same domestic mid-tier segment.
• Expressbank: Mid-tier Azerbaijani commercial bank offering retail, SME, and corporate banking products with similar branch-based distribution model, competing head-to-head with TuranBank.
• AFB Bank: Azerbaijani bank participating in the same interbank card center (BKM) as TuranBank and offering overlapping retail and SME banking services, directly comparable in mid-market positioning.
• AccessBank Azerbaijan: Azerbaijani bank with similar focus on micro, small, and medium enterprise financing, sharing comparable DFI-funded SME lending model and gender/inclusive finance focus with TuranBank.

Broad incumbents

• Pasha Bank: Largest private bank in Azerbaijan, offering far broader product set, larger balance sheet, and stronger corporate/trade finance franchise; relevant as the dominant incumbent whose scale advantage pressures mid-tier peers like TuranBank.
• International Bank of Azerbaijan (IBA): State-linked Azerbaijani bank with the country's largest branch network and balance sheet, providing a full suite of retail, corporate, and trade finance services against which TuranBank competes as a smaller domestic player.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xtwitter.com/turanbank
• Facebookfacebook.com/TuranBankASC
• LinkedInlinkedin.com/company/turanbank-ojsc
• Instagraminstagram.com/turanbank?igshid=YmMyMTA2M2Y=

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds6 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TuranBank OJSC