The Volga-Kama Commercial Bank was founded in St. Petersburg in 1870, during the reign of Emperor Alexander II. Its authorized capital was 6 million rubles (6,000 shares at 1,000 rubles each). The bank was founded as a joint-stock company.
Among the major shareholders were the Moscow merchants Malyutin and Soldatenkov and the Saint Petersburg grain merchants Polezhaevs. One of the 13 founders was Timofey Savvich Morozov, chairman of the Moscow Exchange Committee, a hereditary honorary citizen of Moscow, and a son of a famous merchant and patron of the arts.
The emperor signed the charter of the Volga-Kama Bank on 24 February 1870. The bank’s affairs were managed by the council and the board, its members were elected from among the founders and had to own at least 20 shares. The organization elected the chairman of the board every year.
Decisions were usually passed by a simple majority vote. It was the board, which met on average at least once a week. Guided by the charter, it made decisions on opening personal accounts for clients. It also established and maintained liaison with the government institutions.
The board of the bank had its headquarters in Saint Petersburg and consisted of 15 members. They were elected by the general meeting from shareholders who held at least 10 shares. The council was responsible for the following matters: overall supervision of the bank’s affairs, audit of the cash registers, final settlement of disputes over which the board members were divided, review of the annual report, and approval of the expenditure estimate.
The core business of this commercial bank was crediting of trade. Many branches were opened in the provinces and the company was present in Moscow, Samara, Nizhny Novgorod, Rostov-on-Don, Tashkent, Perm, Simbirsk, Irkutsk, Borisoglebsk, Kazan, Kiev, Kharkov, Saratov, Astrakhan, Tsaritsyn, Yaroslavl and Ekaterinburg.
By 1914 there were 61 branches of the Volga-Kama Bank. A branch in Tsaritsyn was opened as early as 25 August 1871. On 26 March 1876, the Tsaritsyn City Council chaired by Ivan Vasilievich Melnikov passed a resolution: “To sell the city courtyard place in quarter 162 under No.7 to the Volga-Kama commercial bank for permanent and hereditary possession for 1500 rubles.”
Among the major shareholders were the Moscow merchants Malyutin and Soldatenkov and the Saint Petersburg grain merchants Polezhaevs. One of the 13 founders was Timofey Savvich Morozov, chairman of the Moscow Exchange Committee, a hereditary honorary citizen of Moscow, and a son of a famous merchant and patron of the arts.
The emperor signed the charter of the Volga-Kama Bank on 24 February 1870. The bank’s affairs were managed by the council and the board, its members were elected from among the founders and had to own at least 20 shares. The organization elected the chairman of the board every year.
Decisions were usually passed by a simple majority vote. It was the board, which met on average at least once a week. Guided by the charter, it made decisions on opening personal accounts for clients. It also established and maintained liaison with the government institutions.
The board of the bank had its headquarters in Saint Petersburg and consisted of 15 members. They were elected by the general meeting from shareholders who held at least 10 shares. The council was responsible for the following matters: overall supervision of the bank’s affairs, audit of the cash registers, final settlement of disputes over which the board members were divided, review of the annual report, and approval of the expenditure estimate.
The core business of this commercial bank was crediting of trade. Many branches were opened in the provinces and the company was present in Moscow, Samara, Nizhny Novgorod, Rostov-on-Don, Tashkent, Perm, Simbirsk, Irkutsk, Borisoglebsk, Kazan, Kiev, Kharkov, Saratov, Astrakhan, Tsaritsyn, Yaroslavl and Ekaterinburg.
By 1914 there were 61 branches of the Volga-Kama Bank. A branch in Tsaritsyn was opened as early as 25 August 1871. On 26 March 1876, the Tsaritsyn City Council chaired by Ivan Vasilievich Melnikov passed a resolution: “To sell the city courtyard place in quarter 162 under No.7 to the Volga-Kama commercial bank for permanent and hereditary possession for 1500 rubles.”
