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159:), according to which the Hungarian government deposited five million forints with the bank in real gold and silver, in exchange for which the financial institution was granted the role to issue notes which became known as "Kossuth's banknotes". The state then took five million forints from the issued banknotes, while one million forints was loaned without interest and 21.5 million forints at 3% interest. In exchange for the money, the Commercial Bank was obliged to perform the banknote management, issuance and redemption without any special remuneration, and it was also obliged to invest the entire mutual amount in short-term domestic loans in order to support the domestic business sectors (with sufficient collateral). On 12 September 1848, the parliament also decided to put five-forint tickets into circulation, despite opposition from the Vienna government on the grounds that they do not comply with the Austro-Hungarian financial contracts. Banknotes were issued and covered on this basis until the end of 1848, when the bank had 3,377,220 forint notes in circulation against the cover of 1,695,718.48 pengő forints. After the hostilities began, Kossuth also decided to issue 100 forint banknotes in order to quickly equip his armed forces.
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251:, who subsequently became the general manager of the Hungarian Commercial Bank and then its chairman until his death in 1921. Under Lánczy's decades-long leadership, the bank prospered again and financed many large companies (e.g. Tungsram, Marx és Mérei, Engel Károly Alkatrészgyár, Budapest Telephone Network, Schlick factory, MARTA car factory) and railway ventures and utilities (e.g. Magyar Helyiérdekű Vasút Rt., Budapest City Electric Railway Rt., Budapesti Közúti Vaspálya Rt.).
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seized the then-available metal reserves of 1,780,718 conventional forints, and took them with him when the
Austrian troops retreated. This seriously shook the bank financially, which nevertheless managed to stay afloat. Despite the withdrawal of the collateral, the Kossuth banknotes did not lose value immediately.
309:, but largely recovered in 1946. The PMKB was nationalized by the post-war communist regime and transformed into the exclusive manager of the country's foreign trade transactions. In 1950 its operations and assets were mostly taken over by the newly formed Magyar Külkereskedelmi Bank, later branded as
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had not used its rights to open bank branches in the cities of
Hungary; it was emphasized that the new institution would not abridge the rights of the Austrian National Bank. Following a very protracted approval process, the requested patent was eventually granted in 1838, and after further obstacles
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marching on Pest demanded from the bank an accurate account of the coinage and the issue of notes. After occupying the capital, he immediately declared the 5 HUF and 100 HUF notes invalid, and set an 8-day deadline for converting the one and two HUF notes into
Austrian banknotes. On 6 April 1849, he
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After 1867, many other banks were created in
Hungary but the Hungarian Commercial Bank kept a pre-eminent position, financing numerous investments especially in railway construction and large companies. Hungarian nationalist politicians desired to transform it into an independent Hungarian National
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After the revolution's end, the
Austrian authorities obliged the bank to pay compensation for to its loans to the revolutionary government. In 1850, the Austrian National Bank called for the Hungarian Commercial Bank to cease its activities on the grounds that it planned to open a branch of its own
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in Pest. In the unfolding debate, the
Hungarian Commercial Bank prevailed and was able to continue its activities, while the Austrian National Bank opened its office in Pest in 1851 but entrusted its management to the Hungarian Commercial Bank. Until the
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At the beginning of the 1900s, they bought the Diana baths building on the corner of today's József Attila utca and Széchenyi tér, which was demolished and the new headquarters of the bank was built in an eclectic style based on the plans of
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By 1913, PMKB was
Hungary's largest bank by total assets and profits. During the First World War, the Hungarian Commercial Bank of Pest under Lánczy's chairmanship was among the main organizers of the war economy, with
47:, occasionally referred to simply as "Commercial Bank") was Hungary's first modern bank, established in 1840–1841. It was nationalized in the early Communist era and repurposed in 1950 as the Hungarian Trade Bank (
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was forced to resign. He was succeeded by Károly
Lamotte who stayed until 1944. At the end of World War II, the bank's entire gold holdings was evacuated by the
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The
Hungarian Commercial Bank of Pest is thus often referred to as the oldest Hungarian bank, even though a savings bank was established in 1831 in present-day
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The
Hungarian Commercial Bank of Pest managed to maintain a significant albeit diminished position in the immediate interwar period.
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the bank was eventually established on 14 October 1840, in a building later known for the iconic
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and applied for the establishment of a commercial bank. One of the arguments was that the
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was eventually established in 1878 with competence over both parts of the
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Hungarian Commercial Bank of Pest's first head office (until 1905) on
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Magyar Elektronikus Könyvtár (MEK) - Hungarian Electronic Library
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Savings account illustrated with the PMKB head office, mid-1930s
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416:"Banking in Hungarian Economic Development, 1867-1919"
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119:line) and a number of manufacturing ventures.
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343:Hungarian Industrial and Commercial Bank
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16:Historically prominent bank in Hungary
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237:Ungarische Boden-Credit-Gesellschaft
323:First National Savings Bank of Pest
173:Austro-Hungarian Compromise of 1867
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261:Hungarian Ministry of the Interior
164:Alfred I, Prince of Windisch-Grätz
123:Hungarian revolution and aftermath
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33:Hungarian Commercial Bank of Pest
394:"Pesti Magyar Kereskedelmi Bank"
373:The Golden Age of Local Banking
333:Hungarian Mortgage Credit Bank
229:Magyar Általnosa Földhitel Rt.
41:Pesti Magyar Kereskedelmi Bank
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420:Business and Economic History
328:Hungarian General Credit Bank
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437:János Botos (October 2017),
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348:First Croatian Savings Bank
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53:Magyar Külkereskedelmi Bank
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470:Banks established in 1840
76:Móric Ullmann (1782-1847)
475:Defunct banks of Hungary
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290:As a result of the 1938
215:During the stock market
187:PMKB head office in 1900
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296:Fülöp Weiss
199:on the left
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464:Categories
275:After 1918
269:Samu Stern
245:Leó Lánczy
221:Länderbank
68:Beginnings
249:Földhitel
241:Földhitel
225:Hungarian
179:1867-1918
49:Hungarian
37:Hungarian
317:See also
311:MKB Bank
57:MKB Bank
63:History
233:German
109:Brașov
442:(PDF)
377:(PDF)
354:Notes
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117:Szob
82:Pest
45:PMKB
31:The
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113:Vác
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