OREANDA-NEWS. July 28, 2009. TuranBank OJSC has finished works on creation correspondent relations with the large banks of Turkey and Germany of Is Bankasi and Commerzbank.

The  Azerbaijani bank reported that opening of correspondent accounts in US dollars and euro are mainly intended for realization import-export of transactions, client transfers , FX and Documentary Operations.

Now negotiations to provide limits to the bank for active cooperation within the frames of above mentioned operation. The given limits will serve increase of volume of Commercial operations with Azerbaijani businessmen and with their business partners out of number of other states.

In the direction of successful cooperation with correspondent banks, TuranBank implemented the effective system in a sphere of designed measures against money-laundering and financing of terrorism. This system is based with the developed instructions, rules, internal checking systems and policy of bank.

Developed system and permanent training of personnel specialized in AML/CFT sphere, will allow the bank not only develop this network correspondent relations, but also support productively available connections both in traditional and innovative banking.

Presently, the network of correspondent relations of TuranBank covers 20 foreign banks, which are located  in the USA, Switzerland, Austria, Germanium, Turkey, Russia, Ukraine and Kazakhstan.

The number of these banks includes such large banks as Deutshe Bank, BCP, Commerzbank, Raiffeisen, Ziraat Bank, Bankas, Uralsib, BTA and others.

The strategic course of bank in the direction of development  of correspondent network will continue both in current and in next years. The bank intends to create correspondent relations with BNP, Societte Generale.

Now TuranBank cooperates actively both with international institutes and with national  funds. This collaboration relates to the projects  Loaning of Small and Medium-Sized Business in Azerbaijani Mountain and High- Mountain Regions, Northeast from IFAD (International Fund on Development of Rural Sector - Group of World Bank), Development of Rural sector from IDA (international Association of Development - Group of World Bank), by the Islam Corporation of Development of Private Sector (daughter’s structure of the Islamic Development Bank) on financing of small and medium-sized  business , BCP (Banque de Commerce et de Placement, Geneva/ Switzerland) and Ziraat Bank Turkey on the project of financing of commercial operations, resources on the different projects of small and medium-sized business of NFPP (National Fund of Backing of Entrepreneurship), the Agency on Agricultural Loans under the Azerbaijani  Ministry of Agriculture and the State Mortgage Fund on the project of improvement of housing conditions of population.

Participation on above- mentioned  projects increases the role of TuranBank on projects, designed for  backing  of businessmen functioning in an non-oil sector taking into account concessionary interest rate and long-term financing, what points out the orientation of these projects on the improvement of social conditions of population.