The Ukrainian Professional and Business Club of Winnipeg was formed in the fall of 1943. A small group of Ukrainian Canadian professional men recognized a need for an organization which would play an important role in the cultural and social life of Ukrainians in Winnipeg. The first executive committee (W. Kushnir, V.F. Bachynski, J. Kereluk, V.H. Koman, P. Korman, A. Malofie, J.W. Semeniuk, M. Stechishin, W. Swystun) was formed on November 4, 1943, and elected their first President, Dr. B. Duma. The first official title of the Club was the Ukrainian Professional and Business Men's Club of Winnipeg which later changed its name to the Ukrainian Professional and Business Club of Winnipeg in order to reflect the Ukrainian professional women's membership (1980's)

The Ukrainian Professional and Business Club of Winnipeg inspired the formation of other similar clubs across Canada, and the formation of the Ukrainian Canadian Professional and Business Federation in 1963. The Federation maintains the high standards of the Ukrainian cultural activities and promotes Ukrainian community projects across Canada.
The Ukrainian Professional and Business Foundation is a registered charity to recognize the charitable activities of the Ukrainian Professional and Business Club of Winnipeg. It supports many educational projects and institutions (Department of Slavic Studies, University of Manitoba, St Andrew's College, University of Manitoba, City of Winnipeg High Schools, Ukrainian War Veterans, and many other Ukrainian cultural organizations).

The most important objectives of the Ukrainian Professional and Business Club of Winnipeg have been the consolidation and streamlining of Ukrainian organizations; the promotion of better communication; the implementation of the Manitoba Government's officially declared Manitoba Multiculturalism Act (1992); and the preservation of Ukrainian cultural heritage.