State Commercial Bank of the Russian Empire

The State Commercial Bank was a public bank of the Russian Empire. It opened on 1818/01/01 (Old Style), largely replacing the Assignation Bank whose role as Russia's bank of issue had been undermined by inflation.[1] Like the rest of Russia's state-owned banking system, it collapsed in the financial crisis of 1859-1860 and was succeeded in 1860 by the State Bank of the Russian Empire.[2]

Overview

In 1817, Minister of Finance Dmitry Guryev initiated a banking reform in Russia, and established the State Commercial Bank as part of that effort by converting the Saint Petersburg discount office of the Russian Assignation Bank into a stand-alone institution.[3] The Council of State Credit Institutions was created simultaneously to oversee Russia's formal banking system, which at the time was entirely state-owned, and preparations also began for the reorganization of the State Loan Bank. The main goal of the banking reform was to promote the strengthening of credit, which, in turn, could contribute to the development of agriculture, industry, and trade.

Before the establishment of the bank, Count Guryev presented a report to the Emperor in the State Council, which outlined the main areas of activity of the future bank. It was assumed that the bank would carry out the following operations: storage of deposits in gold and silver bullion and in foreign currency; transfers of cash deposits following the example of the Hamburger Bank and Bank of Amsterdam (cashless transactions); acceptance of deposits with the accrual of interest on them; discounting of bills; loans for goods. Unlike the Assignation Bank, which was entirely state-governed, the State Commercial Bank included some prominent merchants on its governing board.[4] Its deposits grew from 3 million rubles at the end of 1818 to 204 million by 1854.[5]

See also

• Russian Assignation Bank
• State Loan Bank of the Russian Empire