Construction Bank of the USSR
The Construction Bank of the USSR, formally the All-Union Bank for Financing Capital Investments (Russian: Всесоюзный банк финансирования капитальных вложений) or in shorthand Stroybank, was a significant part of the Soviet banking system.
Stroybank was formed in 1959, when it took over operations of several prior promotional banks including the Industrial Bank (Russian: Промышленный банк) or Prombank, which had been established in 1922. In 1988, it was restructured as the State Commercial Industrial and Construction Bank of the USSR (Russian: Государственный коммерческий Промышленно-строительный банк СССР) or Promstroybank, with some operations spun off as the Agro-Industrial Bank (Russian: Агропромышленный банк СССР or Agroprombank) and Bank of Housing, Communal Services and Social Development (Russian: Банк жилищно-коммунального хозяйства и социального развития СССР or Zhilsotsbank).
Following the dissolution of the Soviet Union, its operations eventually taken over by BTA Bank in Kazakhstan, VTB Bank in Russia, and Prominvestbank in Ukraine. In Belarus, it still operates under the name Promstroybank.
Overview
The Trade and Industry Bank was established in 1922 under the New Economic Policy (NEP). In 1928 it was reorganized as the Industry and Electrification Long-Term Credit Bank, and in 1932 again as the Finance Bank of Capital Construction in Industry, Transport, Posts and Telegraphs, in shorthand the Prombank.[1]: 98
The Construction Bank was formed in 1959 with operations formerly of the Prombank, the Central Bank of Public Utilities and Housing Construction (Russian: Центральный банк коммунального хозяйства и жилищного строительства or Tsekombank) and the Agricultural Bank of the USSR (Russian: Сельскохозяйственный банк СССР or Selkhozbank),[2] as well as the Petrograd Communal Bank (Russian: Петроградский коммунальный банк) which had been formed in 1923 from former operations of the Volga-Kama Commercial Bank. It provided long-term credit alongside the Gosbank.[1]: 47
In 1997, the Russian Promstroybank became the first Russian bank to enter the United States market, but Promstoybank was severely affected by the Russian financial crisis of the late 1990s. In April 2004, the Bank of Russia liquidated Promstoybank. In 2005, Vneshtorgbank acquired a majority stake of 75% plus three shares in Promstroybank and renamed it Bank VTB North-West, later becoming the VTB’s North-Western Regional Centre in March 2011.[3][4][5]
See also
Notes
- ^ a b Derenyk Akolovych Allakhverdyan, ed. (1966), Soviet Financial System (PDF), Moscow: Progress Publishers
- ^ "Housing in the USSR since 1917". U.S. Central Intelligence Agency. 2 June 1953.
- ^ "ОАО "Промышленно-строительный банк"" [OJSC Industrial and Construction Bank] (in Russian). PSB. Retrieved March 24, 2018.
- ^ Чаплыгина (Chaplygina), Татьяна (Tatiana) (June 22, 2007). "Миф о жертве кризиса: 400 млн. рублей могли спасти Промстройбанк России от ликвидации" [Myth of the victim of the crisis: 400 million rubles could save Promstroybank of Russia from liquidation] (in Russian). bankir.ru. Retrieved March 24, 2018.
- ^ "О Северо-Западном региональном центре" [About the North-West Regional Center] (in Russian). ВТБ (VTB). Archived from the original on April 17, 2013. Retrieved March 24, 2018.
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