The Hungarian Postal Savings Bank ( hu, Magyar Postatakarékpénztár) was a major savings institution in
Hungary
Hungary ( hu, Magyarország ) is a landlocked country in Central Europe. Spanning of the Carpathian Basin, it is bordered by Slovakia to the north, Ukraine to the northeast, Romania to the east and southeast, Serbia to the south, Croatia a ...
, established in 1886 as the Hungarian Royal Postal Savings Bank ( hu, Magyar Királyi Postatakarékpénztár) and terminated in 1948. It is well remembered for its head office in
District V of
Budapest
Budapest (, ; ) is the capital and most populous city of Hungary. It is the ninth-largest city in the European Union by population within city limits and the second-largest city on the Danube river; the city has an estimated population ...
, a striking
Art Nouveau
Art Nouveau (; ) is an international style of art, architecture, and applied art, especially the decorative arts. The style is known by different names in different languages: in German, in Italian, in Catalan, and also known as the Modern ...
building designed by
Ödön Lechner
Ödön Lechner (born Eugen Lechner, 27 August 1845 – 10 June 1914) was a Hungarian architect, one of the prime representatives of the Hungarian Szecesszió style, which was related to Art Nouveau in the rest of Europe, including the Vienna ...
.
History
The Postal Savings Bank was established on by order of Lax IX of 1885. This act initially only authorized savings accounts, but was later expanded by Law XXXIV of 1889, which authorized "checks and clearing" starting on 1 January 1890. A state institutions under the Ministry of Trade, the Postal Savings Bank used local post offices as its branches and thus had unparalleled to retail clients, especially less wealthy ones.
By end-1908, the Postal Savings Bank had 684,299 depositors out of a population of around 20 million in the
Kingdom of Hungary
The Kingdom of Hungary was a monarchy in Central Europe that existed for nearly a millennium, from the Middle Ages into the 20th century. The Principality of Hungary emerged as a Christian kingdom upon the coronation of the first king Stephen ...
.
In 1919 the
Postal Savings Bank notes were issued by decree of the Revolutionary Governing Council of the
Hungarian Soviet Republic
The Socialist Federative Republic of Councils in Hungary ( hu, Magyarországi Szocialista Szövetséges Tanácsköztársaság) (due to an early mistranslation, it became widely known as the Hungarian Soviet Republic in English-language sources ( ...
by the ''Magyar Postatakarékpénztár'' (Hungarian Postal Savings Bank).
Head office building
The iconic head office building of the Postal Savings Bank opened in 1901. It currently houses the Hungarian State Treasury.
It is emblematic of the Hungarian ''szecesszió'' style, which was part of the larger "
secession
Secession is the withdrawal of a group from a larger entity, especially a political entity, but also from any organization, union or military alliance. Some of the most famous and significant secessions have been: the former Soviet republics le ...
" zeitgeist in European art and architecture at the time. The exterior of the building is covered in tiles from the
Zsolnay Porcelain Factory and Hungarian folk art motifs. Decorative elements inspired by nature can be found everywhere, including large ceramic bee hives that sit atop the green patterned roof.
Aftermath
Following the complete nationalization and reorganization of the banking sector in 1948, the Postal Savings Bank was abolished and its assets (including its iconic building) taken over by the
Hungarian National Bank
The Hungarian National Bank ( hu, Magyar Nemzeti Bank (MNB)) is the central bank of Hungary and as such part of the European System of Central Banks (ESCB). The Hungarian National Bank was established in 1924 and succeeded the Royal Hungarian St ...
(MNB).
The distribution of rudimentary savings services through the post office network was entrusted to the Hungarian National Savings Bank Company ( hu, Országos Takarékpénztár Nemzeti Vállalat), one of the country's four main financial institutions alongside the MNB, the Hungarian Investment Bank (renamed the State Bank for Development in 1972 and liquidated in 1987), and the
Hungarian Foreign Trade Bank.
A successor entity named Postabank was established in 1988 to offer financial services through the Hungarian post office network, majority-owned by
Magyar Posta
Magyar Posta Zrt. ( Hungarian for ''Hungarian Post JSC'') or Hungarian Post is the postal administration of Hungary. Besides normal mail delivery, Magyar Posta also offers logistics, banking, and marketing services.
History
The origin of the Mag ...
with a 20-percent stake sold to foreign investors in 1990. It grew rapidly until 1996, then experienced severe deposit withdrawal in 1997 and had to be bailed out by the government in 1998. It was sold to
Erste Group
Erste Group Bank AG (Erste Group) is an Austrian financial service provider in Central and Eastern Europe serving 15.7 million clients in over 2,700 branches in seven countries.
History
Erste Group was founded in October 1819 as ''Erste öster ...
in 2003.
See also
*
Österreichische Postsparkasse
Österreichische Postsparkasse (P.S.K.) was a postal savings bank in Austria. It was owned by the Austrian Post Office and thus by the government. It merged on 1 October 2005 with the BAWAG to form BAWAG P.S.K.
History
During the Austro-H ...
*
Poštanska štedionica
*
First National Savings Bank of Pest
The First National Savings Bank of Pest (PHET) ( hu, Pesti Hazai Első Takarékpénztár), sometimes translated as ''First Domestic Savings Bank'' or referred to simply as ''First Savings Bank'', was a major Hungarian bank that was established in ...
*
First Croatian Savings Bank
The First Croatian Savings Bank ( hr, Prva hrvatska Å¡tedionica, german: Erste kroatische Sparkasse) was a significant Croatian bank headquartered in Zagreb. The bank was founded in 1846 and liquidated in 1945.
It has been described as "the ...
References
Art Nouveau architecture in Budapest
Banks established in 1886
Defunct banks of Hungary
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