The history of the bank went back to the early 1920s, with the establishment of the soviet Prombank in 1922 and the opening on 1 January 1923 of its All-Ukrainian Office in Kharkiv.

As a result, in addition to financing industrial, transport and communication enterprises, the bank started lending to the education and housing sectors.

On 26 August 1992, Prombudbank was re-organised as a joint-stock company named the Industrial and Investment Bank, in shorthand Prominvestbank of Ukraine.

[3] Three times in 2003, 2004 and in 2006 Prominvestbank was awarded The Bank of the Year for Ukraine by the world known English magazine "The Banker".

[citation needed] In October 2008, due to a sharp outflow of clients' funds, the bank's liquidity significantly decreased.