The National Bank of Ukraine (then called: Office of the (Russian) State Commerce Bank) opened in Kiev, Ukraine in 1839.
By the end of the nineteenth century the bank's expansion meant that new premises were required. In 1900 the Petersburg State Bank (which controlled the Kiev branch) and Sergei Witte (the Minister of Finance at the time) initiated a competition for construction of a new building. The competition was won by the architect O. Kobolyev won the competition and work began several years later. The main facade was designed by O. Verbitskyi, who joined the project shortly after construction started. The Italian sculptor Emilio Sala (who also worked on the House with Chimaeras) was invited to create the interior decorations. The style is inspired by the palazzos of the Italian Renaissance.[1]
On August 1, 1905, the building was completed and the bank's day-to-day business was transferred to it. The new building featured electrical lighting and ventilation and a central heating system. In 1933, when the capital of Ukraine was transferred from Kharkiv to Kiev, two more stories were added to the building to handle the growth.