Prombank ( for Промышленный банк, lit. 'Industrial Bank') was the shorthand name for a series of significant institutions within the Soviet banking system between 1922 and 1959, when Prombank was merged with Selkhozbank (Agricultural Bank) and Tsekombank (Residential Construction Bank) to form the Construction Bank of the USSR, or Stroybank.[1]
History
The Russian Trade and Industrial Bank was established on 1922/09/01 under the New Economic Policy (NEP). On 1922/12/07, another specialized bank was established as Elektrokredit (Электрокредит), a joint-stock company. On 1924/08/13 the former was renamed the Trade and Industrial Bank of the USSR (Торгово-промышленный банк СССР), and on 1924/10/29 the latter was reorganized as the Bank for the Electrification of the USSR or Elektrobank (Электробанк).
On 1928/06/27, Prombank absorbed Elektrobank[2] and became the Industry and Electrification Long-Term Credit Bank of the USSR (Банк долгосрочного кредитования промышленности и электрохозяйства СССР), still known as Prombank. In 1932 it was again renamed, as the Finance Bank of Capital Construction in Industry, Transport, Posts and Telegraphs.