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In the Soviet Union the system of "State Labour Saving Offices" (государственная трудовая сберегательная касса) was instituted in 1922. The first was opened in February 1923, in Petrograd (now St. Petersburg).Eventually, Soviet sberkassas were outlets of the only Soviet bank, USSR State Bank, or Gosbank until 1988 and Sberbank (USSR Savings Bank) after the "perestroika" of the Soviet bank system.