Hungarian Commercial Bank Of Pest
The Hungarian Commercial Bank of Pest ( hu, Pesti Magyar Kereskedelmi Bank, PMKB, 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 ( hu, Magyar Külkereskedelmi Bank, MKB), later known as MKB Bank. History Beginnings In 1830, a group of prominent merchants in Pest, Hungary, Pest, including Jewish traders such as Sámuel Wodianer and Izrael Baumgarten, gathered under the leadership of and applied for the establishment of a commercial bank. One of the arguments was that the Austro-Hungarian Bank, Austrian National Bank 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 t ...
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