Disclosure of information on bank

"Premium Bank"  Open Joint Stock Company is one of the most reliable and leading banks. Тhe Bank began to function from 1994 according to № 175 license of the Central Bank  under the name of "AZAL Joint Stock Commercial Bank". Since 2008, the legal successor of the former "AZAL Joint Stock Commercial Bank" began to function as a "Bank Silk Way" OJSC. Since its inception the bank more than 26 years supports sustainable development, increases the service in terms of quality and quantity, and each year is strengthening the banking system of Azerbaijan. "Premium Bank" OJSC, a fast-growing, stable and well-known financial organization and multilateral financial institution. The main activity of the bank is held in universal banking. The bank's strategy is based on qualitative, fast and affordable service; utility and professionalism. The Bank operates in accordance with the Strategic Plan, which has been adopted in previous years.Therefore, the bank partially succeed in dealing with all poor factors, which arised over the last years.
The bank was able to establish stable international relations, expand customer base, enhance either the level of service or the product range. "Premium Bank" OJSC operates as a corporate bank and the customer base is the based on the air transport and trade sector.

Governing bodies of the Bank are the followings: 

General Meeting of Shareholders
Supervision Board
Audit Committee
Management Board 

Formation, activity, duties and powers of governing bodies are regulated in accordance with the legislation, bank charter and regulations of those bodies. 

General Meeting of Shareholders 

Exceptional powers of General Meeting of Shareholders include approving, making additions and amendments to the Charter of the Bank, appointing and discharging members of Supervision Board and Management Board, adopting decisions on sale, re-organization and liquidation of the Bank, solving other questions provided by the legislation. General Meeting of Shareholders may as specified by the legislation bring the issues applied to their powers before the Supervision Board for solution. 

Supervision Board 

Members of Supervision Board consist of three natural persons elected by General Meeting of Shareholders for the period not more than 4 years. General Meeting of Shareholders appoints Chair of Supervision Board among the members of Supervision Board. The member may be re-elected in further. Supervision Board carries out observation over the Bank’s activity and management. It obtains report from Management Board, defines its overall financial accounting, as well as administrative and personnel policy, confirms internal order and procedures, permits to conclude transactions in the amount more than 50% of authorized capital, fulfils other duties specified by the legislation. 

Composition of Supervision Board 

1. Elchin Ahmadov Chair of Supervision Board 
2. Jamal Pashayev Member of Supervision Board 
3. Farhad Bakhshaliyev Member of Supervision Board

Audit Committee 

Audit Committee of the Bank consists of three persons. Members of the Committee are elected by General Meeting of Shareholders for the period of 4 years. General Meeting of Shareholders appoints one of the members as the chair of the Committee. Salaries of the members of Audit Committee are set by General Meeting of Shareholders. Audit Committee defines strategy and audit policy of the Bank, makes offers to General Meeting of Shareholders and Supervision Board in regard to improving internal control system, and carries out other authorities provided by regulatory acts of the Central Bank. 

Composition of Audit Committee 

1. Farhad Bahshaliyev

2. Jamal Pashayev


Management Board 

The members of Management Board of the Bank consist of three persons elected by General Meeting of Shareholders for the period of not more than 3 years. Powers of Management Board are governed by its Regulations. Management Board bears direct responsibility in governing the Bank and carrying out its activity. 

Composition of Management Board 

1. Kamil Latifov

2. Mahir Najafov 

3. Farid Abbasov 

Internal Audit Division 

Internal Audit Division functions under the control of Audit Committee and realizes mutually with bank’s governing body constant control over the efficiency of activity on internal observation and risk management systems at the bank. Head and collaborators of Internal Audit Division are appointed and discharged by Supervision Board, according to the presentation of Audit Committee. Audit Committee and its division act in accordance with the standard laws of the Central Bank. 


"Premium Bank" OJSC conducts its accounting in accordance with the legislation of Azerbaijan Republic and International Financial Reporting Standards. The Bank makes the following accounts in regard to presenting financial status: 

1. New prudential reporting 
2. Former prudential reporting 
3. Secondary reporting 
4. Obligatory reserve fund reporting 
5. Cash Turnover Statistics Reporting 
6. Reporting on Balance of Payment 
7. SD Reporting 
8. Reporting on cash currency exchange operations 
9. Weekly Reporting 
10. Tax Reports 
11. Reports of State Social Protection Fund 
12. Reports of Statistics Committee 
13. Reports regarding Employment Center 
14. Financial Statements of External Audit 

According to the Law on Banks, annual Balance sheet and Profit-Loss statement of the Bank is published in MM by May 31 every year. Financial Statements are reviewed and approved by External Audit every year, and these statements are submitted to the Central Bank by June 30 every year. Finance and Accounting Department carries out financial control in the Bank. Besides, it draws up Strategic Plan, budget and reports regarding the administration of the Bank. Department functionally fulfills analysis of data obtained from all structures and branches of the bank, control over budget implementation and assessment of profitability.

Hörmətli istifadəçi

Azərbaycan Respublikasında fiziki şəxslərin problemli kreditlərinin həlli ilə bağlı əlavə tədbirlər haqqında Azərbaycan Respublikası Prezidentinin Fərmanına uyğun olaraq, fiziki şəxslərin xarici valyutada əsas kredit borclarının devalvasiya ilə bağlı manatla artmış hissəsi ilə əlaqədar Maliyyə Bazarlarına Nəzarət Palatası tərəfindən hazırlanmış güzəşt kalkulyatoru

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Type of Card

MasterCard Gold Miles

Card currency


Card term

2 years

Order type


Member of Azal Miles program ( if have )


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Head office (Hasan Əliyev st.131A)









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Registration address



Premium Bank



Source of income

1000 AZN

Mobile number

+994 70 400 20 45