Baku, Finance Time.  An extraordinary meeting of the Supervisory Board TuranBank was held on August 28, 2012. During the meeting the issue of raising the total capital of TuranBank was discussed and it was decided by the end of October of this year to increase the total capital up to AZN 30 million, to 40 million manat by the end of March 2013 and by the end of 2013 to 50 million manat. The resolution was presented to the General Assembly of the Shareholders for further approval.

It should be noted that TuranBank, during its activity for more than 20 years in the banking sector, has successfully kept the direction of continuous development and aims to further strengthen in this direction.

As of August 1, 2012 TuranBank assets totaled 189.5 million manat, increasing by 14.3% compared with the beginning of the year and 27.67% over the same period of 2011. Total capital was 27 million manat, whereas the balance equity reached 30 million manat during the period.

According to the results of January-August 2012, the Bank's revenue equaled 12.7 mln manat whereas total expenses were 10.6 million manat.  Net income for the period was 2.1 million manat.

Today, the Bank has 12 branches (of which 6 located in regions: Ganja, Sumgait, Tovuz, Zagatala, Agstafa and Khachmaz) and 20 foreign exchange offices.

Currently, TuranBank cooperates with a number of international organizations such as the International Finance Corporation (IFC), Black Sea Trade and Development Bank (BSTDB), U.S. Agency for International Development (USAID), the International Agency for Agricultural Development (IFAD), World Business Capital Inc. etc.