The First National Savings Bank of Pest (Hungarian: Pesti Hazai Első Takarékpénztár, PHET), sometimes translated as First Domestic Savings Bank or referred to simply as First Savings Bank, was a major bank in Hungary, established in 1839–1840. It was eventually nationalized in 1948, together with its universal banking affiliate Hazai Bank, established in 1895. It was one of the three largest banks in Hungary in the late 19th and early 20th centuries, together with the Hungarian Commercial Bank of Pest and the Hungarian General Credit Bank.[2]: 147–148
Former head office of the First Savings Bank, designed by Miklós Ybl and completed in 1869[1]
The decision to create the First Savings Bank was made by the Pest municipal authorities in 1839, following advocacy by prominent local figures such as András Fáy. It started operations on 11 January 1840, initially in two small rooms of Pest County Hall. Lajos Kossuth and István Széchenyi were among its 326 original backers.[3]: 25 In 1844 it was converted from an association to a joint-stock company.[4]: 220 In 1868, it expanded by opening branches in Pest.[2]: 148 By 1913, it was Hungary's second-largest bank by total assets, surpassed only by the Hungarian Commercial Bank of Pest.[4]: 220 It remained among the country's leading banks during the interwar period.[5]: 192
Hazai Bankedit
Former building of Hazai Bank in Budapest, designed in 1911 by architect Károly Rainer [hu] and inaugurated in 1914; later the British Embassy from 1948 to 2017[6][7]
In 1892, the First Savings Bank initiated work to create an investment banking affiliate through which it would take stakes in major Hungarian companies, on the Crédit Mobilier template already espoused by Hungary's top two banks of the time, the Hungarian Commercial Bank of Pest and Hungarian General Credit Bank. The First Savings Bank eventually partnered with Vienna's Niederösterreichische Escompte-Gesellschaft in 1895 to establish the Hazai Bank (lit.'Home Bank', sometimes alternatively translated as 'Domestic Bank' or 'Inland Bank'),[8]: 220 which developed into a significant universal banking operation.[9]: 18 It eventually merged into its parent in 1946.[5]: 188
Legacyedit
The First Savings Bank and its affiliate Hazai Bank were nationalized in 1948 together with the rest of the Hungarian banking industry. Within the communist-era single-tier banking system, its operations were taken over in 1949 by the Hungarian National Savings Bank Company (Hungarian: Országos Takarékpénztár Nemzeti Vállalat), one of the country's four main financial institutions alongside the Hungarian National Bank, the Hungarian Investment Bank (renamed the State Bank for Development in 1972 and liquidated in 1987),[10]: 386 and the Hungarian Foreign Trade Bank. That entity became OTP Bank following the end of communism in Hungary.[10]: 382
Former branch building at Erzsébet Boulevard 1–3, Budapest, photographed in 1904
The same building in 2008
Former branch at Váci Street 1–3, Budapest, designed by Ignác Alpár
^ abBéla Tomka (2001), "The Development of Hungarian Banking: An International Comparison, 1880–1931" (PDF), Journal of European Economic History, 30 (1): 125–162
^Norbert Bacher, Matthias Beitl, Nadia Rapp-Wimberger, Aleksandra Aleksić (2015), The CEE History Project: The History of Savings Banks in Central and Eastern Europe and the History of Erste Group's subsidiaries in the Czech Republic, Slovak Republic, Hungary, Croatia, Serbia, Romania, Ukraine(PDF), Vienna: ERSTE Stiftung{{citation}}: CS1 maint: multiple names: authors list (link)
^ abThomas Barcsay (1991), "Banking in Hungarian Economic Development, 1867-1919", Business and Economic History, 20, Cambridge University Press: 216–225, JSTOR 23702819
^ abJános Botos (October 2017), "The Hungarian banking system from the trauma of Trianon to nationalization" (PDF), Economy and Finance, 4 (3), Budapest: Hungarian Banking Association
^Nick Robertson (21 January 2016). "The fascinating history of Budapest's British Embassy building". We Love Budapest.
^Thomas Barcsay (1991), "Banking in Hungarian Economic Development, 1867-1919", Business and Economic History, 20: 216–225, JSTOR 23702819
^Flora Macher (2016), "No banks without states, no states without banks The political economy context of the banking crises in Austria and Hungary in 1931" (PDF), London School of Economics and Political Science
^ abImre Lengyel (April 1994), "The Hungarian Banking System in Transition", GeoJournal, 32 (4): 381–391, doi:10.1007/BF00807358, JSTOR 41146180, S2CID 150554109
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first, national, savings, bank, pest, hungarian, pesti, hazai, első, takarékpénztár, phet, sometimes, translated, first, domestic, savings, bank, referred, simply, first, savings, bank, major, bank, hungary, established, 1839, 1840, eventually, nationalized, 1. The First National Savings Bank of Pest Hungarian Pesti Hazai Elso Takarekpenztar PHET sometimes translated as First Domestic Savings Bank or referred to simply as First Savings Bank was a major bank in Hungary established in 1839 1840 It was eventually nationalized in 1948 together with its universal banking affiliate Hazai Bank established in 1895 It was one of the three largest banks in Hungary in the late 19th and early 20th centuries together with the Hungarian Commercial Bank of Pest and the Hungarian General Credit Bank 2 147 148 Former head office of the First Savings Bank designed by Miklos Ybl and completed in 1869 1 Contents 1 Creation and early development 2 Hazai Bank 3 Legacy 4 See also 5 NotesCreation and early development editThe decision to create the First Savings Bank was made by the Pest municipal authorities in 1839 following advocacy by prominent local figures such as Andras Fay It started operations on 11 January 1840 initially in two small rooms of Pest County Hall Lajos Kossuth and Istvan Szechenyi were among its 326 original backers 3 25 In 1844 it was converted from an association to a joint stock company 4 220 In 1868 it expanded by opening branches in Pest 2 148 By 1913 it was Hungary s second largest bank by total assets surpassed only by the Hungarian Commercial Bank of Pest 4 220 It remained among the country s leading banks during the interwar period 5 192 Hazai Bank edit nbsp Former building of Hazai Bank in Budapest designed in 1911 by architect Karoly Rainer hu and inaugurated in 1914 later the British Embassy from 1948 to 2017 6 7 In 1892 the First Savings Bank initiated work to create an investment banking affiliate through which it would take stakes in major Hungarian companies on the Credit Mobilier template already espoused by Hungary s top two banks of the time the Hungarian Commercial Bank of Pest and Hungarian General Credit Bank The First Savings Bank eventually partnered with Vienna s Niederosterreichische Escompte Gesellschaft in 1895 to establish the Hazai Bank lit Home Bank sometimes alternatively translated as Domestic Bank or Inland Bank 8 220 which developed into a significant universal banking operation 9 18 It eventually merged into its parent in 1946 5 188 Legacy editThe First Savings Bank and its affiliate Hazai Bank were nationalized in 1948 together with the rest of the Hungarian banking industry Within the communist era single tier banking system its operations were taken over in 1949 by the Hungarian National Savings Bank Company Hungarian Orszagos Takarekpenztar Nemzeti Vallalat one of the country s four main financial institutions alongside the Hungarian National Bank the Hungarian Investment Bank renamed the State Bank for Development in 1972 and liquidated in 1987 10 386 and the Hungarian Foreign Trade Bank That entity became OTP Bank following the end of communism in Hungary 10 382 nbsp Former branch building at Erzsebet Boulevard 1 3 Budapest photographed in 1904 nbsp The same building in 2008 nbsp Former branch at Vaci Street 1 3 Budapest designed by Ignac Alpar nbsp Former branch at Fo Street 10 BudapestSee also editHungarian Mortgage Credit Bank Hungarian Discount and Exchange Bank Hungarian Postal Savings Bank First Croatian Savings BankNotes edit Building Ybl Palota a b Bela Tomka 2001 The Development of Hungarian Banking An International Comparison 1880 1931 PDF Journal of European Economic History 30 1 125 162 Norbert Bacher Matthias Beitl Nadia Rapp Wimberger Aleksandra Aleksic 2015 The CEE History Project The History of Savings Banks in Central and Eastern Europe and the History of Erste Group s subsidiaries in the Czech Republic Slovak Republic Hungary Croatia Serbia Romania Ukraine PDF Vienna ERSTE Stiftung a href Template Citation html title Template Citation citation a CS1 maint multiple names authors list link a b Thomas Barcsay 1991 Banking in Hungarian Economic Development 1867 1919 Business and Economic History 20 Cambridge University Press 216 225 JSTOR 23702819 a b Janos Botos October 2017 The Hungarian banking system from the trauma of Trianon to nationalization PDF Economy and Finance 4 3 Budapest Hungarian Banking Association Budapest Hazai Bank Bagyinszki Galeria Nick Robertson 21 January 2016 The fascinating history of Budapest s British Embassy building We Love Budapest Thomas Barcsay 1991 Banking in Hungarian Economic Development 1867 1919 Business and Economic History 20 216 225 JSTOR 23702819 Flora Macher 2016 No banks without states no states without banks The political economy context of the banking crises in Austria and Hungary in 1931 PDF London School of Economics and Political Science a b Imre Lengyel April 1994 The Hungarian Banking System in Transition GeoJournal 32 4 381 391 doi 10 1007 BF00807358 JSTOR 41146180 S2CID 150554109 nbsp Wikimedia Commons has media related to Pesti Hazai Magyar Elso Takarekpenztar nbsp nbsp This bank and insurance related article is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title First National Savings Bank of Pest amp oldid 1214355819, wikipedia, wiki, book, books, library,
