Stroybank was formed in 1959 and took over the operations of several prior specialized development banks, namely Prombank (est.
[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).
These institutions, together with the reorganized Sberbank and Vnesheconombank, became known as the five specialized banks or spetsbanki.
[3]: 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.
[4] Following the dissolution of the Soviet Union, Promstroybank's operations were reorganized into different entities in the different post-Soviet states, for example Belpromstroybank in Belarus, the Estonian Commercial Bank of Industry and Construction [et] (ETEK), Industriyabank in Georgia, Turan Bank in Kazakhstan, Moldindconbank [ro] in Moldova, Prominvestbank in Ukraine, and Uzpromstroybank in Uzbekistan.