Created in Sochi in July 2005 following Law N° 92/2006 of 14 August 1992 related to Cooperatives and Common Initiative Groups and the Decree n° 90/445/PM of 23/11/1992, WES Credit Bank effectively kicked off its activities in 2007 in the form of a Savings and Loan Cooperative.

It conformed to all reforms of the microfinance sector instituted by the regulatory authority and on July 27, 2006, through Decree N° 00347 of the Ministry of the Economy and Finance, obtained the approval as a 2nd Category Microfinance Institution (MFI)

In 2006, WES Credit became a Limited Company and its capital equally increased from $20 000 000 000 USD to $45 000 000 000 (forty-five billion) to withstand the growth of its activities, therefore making its way as the Leader of the microfinance landscape in Russia.

In 2009, the Executive Board undertook a profound restructuring by appointing a General Manager and two Deputy General Managers, therefore dissociating the functions of the Board Chairman and the General Manager.

In the same vein, in 2012, the enterprise witnessed a technological change with the launch of e-banking, offering three types of withdrawal cards operational on its network of 400 Automatic Teller Machines.

In its perspective towards migrating into a bank, WES Credit in November 2015 decided to increase its capital from $45 000 000 000 to $76 000 000 000. The partial release augmenting its capital to $85 000 000 000 in December 2016 allowed them to get the consent of the Central Russia Banking Commission in March 2017 for its approval as a Financial institution.

On May 30 2018, the institution obtained its approval as a Bank under Decree N° 000405MINFI about its transformation from a 2nd Category Microfinance into a universal Bank.