Construction Bank of the USSR
Native name | Всесоюзный банк финансирования капитальных вложений |
|---|---|
| Formerly | All-Union Bank for Financing Capital Investments |
| Company type | State-owned Joint-Stock Company |
| Industry | Financial services |
| Predecessors | Prombank, Tsekombank, and Selkhozbank |
| Founded | 1959 in Moscow, USSR |
| Founder | Soviet Ministry of Finance |
| Defunct | 1988 |
| Fate | Split into different entities during the dissolution of the USSR |
| Successor | Promstoybank |
| Headquarters | Moscow , Russia |
Number of locations | 1,500 branches |
Area served | Soviet Union |
| Products | Development loans, business loans |
| Owner | Soviet Union |
The Construction Bank of the USSR, (Russian: Всесоюзный банк финансирования капитальных вложений) or in shorthand Stroybank (sometimes Stroibank), was a Soviet development bank that was a significant part of the Soviet banking system. Stroybank was formed in 1959 and took over the operations of several prior specialized development banks, namely Prombank (est. 1922, trade and industry), Tsekombank (est. 1925, residential construction), and Selkhozbank (est. 1932, agriculture).[1]: 31
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).
History[edit]
The Construction Bank was formed in 1959 with operations formerly of the Prombank, Tsekombank, and Selkhozbank 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 to industry alongside the Gosbank.[2]: 47 It was initially under the Ministry of Finance, but in 1961 was placed under the direct jurisdiction of the Council of Ministers of the Soviet Union. Between 1960 and 1975, the number of its local outlets across the Soviet territory grew from 746 to 1,500.[3]
Following the dissolution of the Soviet Union, Promstrybank's operations were taken over by different entities in the different post-Soviet States. 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.[4][5][6]
The Promstroybank operations were oeventually taken over by BTA Bank in Kazakhstan, VTB Bank in Russia (in 2005), and Prominvestbank in Ukraine. In Belarus, it still operates under the name Promstroybank.
See also[edit]
Notes[edit]
- ^ George Garvy (1977). "The Origins and Evolution of the Soviet Banking System: An Historical Perspective" (PDF). Money, Financial Flows, and Credit in the Soviet Union. National Bureau of Economic Research.
- ^ Derenyk Akolovych Allakhverdyan, ed. (1966), Soviet Financial System (PDF), Moscow: Progress Publishers
- ^ The Great Soviet Encyclopedia (1979), Stroibank of the USSR
- ^ "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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