The Construction Bank of the USSR, 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]
In 1988, it was restructured as the State Commercial Industrial and Construction Bank of the USSR or Promstroybank, with some operations spun off as the Agro-Industrial Bank ( or Agroprombank) and Bank of Housing, Communal Services and Social Development ( or Zhilsotsbank). These institutions, together with the reorganized Sberbank and Vnesheconombank, became known as the five specialized banks or spetsbanki.[2]
History
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