The Hungarian Discount and Exchange Bank (, MLPB, occasionally referred to simply as "Discount Bank") was a significant Hungarian bank, established in

Budapest Budapest is the Capital city, capital and List of cities and towns of Hungary, most populous city of Hungary. It is the List of cities in the European Union by population within city limits, tenth-largest city in the European Union by popul ...

in 1869. It was nationalized in 1947–1949, together with the rest of the Hungarian banking sector.

Overview

The MLPB was originally established as a Hungarian affiliate by the

Vienna Vienna ( ; ; ) is the capital city, capital, List of largest cities in Austria, most populous city, and one of Federal states of Austria, nine federal states of Austria. It is Austria's primate city, with just over two million inhabitants. ...

-based

Niederösterreichische Escompte-Gesellschaft The Niederösterreichische Escompte-Gesellschaft or Niederösterreichischen Escomptegesellschaft () was a significant Austrian bank, created in Vienna in 1853. In 1934, the sounder parts of its business were merged with Creditanstalt and Wiener ...

, which for that purpose took over the local private banking house of C.J. Malvieux. In 1881, it received further investment from a group of investors formed by Vienna's Unionbank and France's

Société Générale Société Générale S.A. (), colloquially known in English-speaking countries as SocGen (), is a French multinational universal bank and financial services company founded in 1864. It is registered in downtown Paris and headquartered nearby i ...

and

Banque de Paris et des Pays-Bas The Banque de Paris et des Pays-Bas (, ), generally referred to from 1982 as Paribas (), was a French investment bank based in Paris. In May 2000, it merged with the Banque Nationale de Paris to form BNP Paribas. History Background In the ...

. It expanded into merchant banking in the 1870s and took over several major warehouses in the 1880s. Like other Hungarian universal banks, it took ownership stakes in major utilities and industrial companies. It also participated in the issuance of loans by the Hungarian state and the city of Budapest. From 1902, it engaged in mortgage lending as well. By 1913, it was the fifth-largest commercial bank in Hungary by total assets, behind the

Hungarian Commercial Bank of Pest The Hungarian Commercial Bank of Pest (, 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 Hungari ...

, the

First National Savings Bank of Pest The First National Savings Bank of Pest (PHET) (), sometimes translated as ''First Domestic Savings Bank'' or referred to simply as ''First Savings Bank'', was a major Hungarian bank that was established in 1839–1840 and was eventually national ...

, the

Hungarian Mortgage Credit Bank The Hungarian Mortgage Credit Bank (, occasionally referred to simply as "Mortgage Bank") was a significant Hungarian bank, founded in 1869 in Budapest. By 1913 it was the third-largest bank in the country by total assets, behind the Hungarian Co ...

, and the

Hungarian General Credit Bank The Hungarian General Credit Bank (, MÁH, , also known as Creditbank) was a major bank in Hungary, from its establishment in 1867 by the Rothschild family until its nationalization in 1948. History Background The Rothschild family was involv ...

. It remained among the country's leading banks during the interwar period, when it came under the control of Austria's then French-controlled

Länderbank The Länderbank, full original name k. k. privilegierte Österreichische Länderbank (), was a major Austrian bank, created in 1880. In 1922 its head office was moved to Paris under the name Banque des Pays de l'Europe Centrale (BPEC, , ), even ...

. was the bank's director in the late 19th century, while his brother led the Hungarian Mortgage Credit Bank. Miksa's son would also lead the bank in the interwar period, bohiernment and murder at the

Mauthausen concentration camp Mauthausen was a German Nazi concentration camp on a hill above the market town of Mauthausen, Upper Austria, Mauthausen (roughly east of Linz), Upper Austria. It was the main camp of a group with List of subcamps of Mauthausen, nearly 100 f ...

in 1944.

Notes

Banks established in 1869 Defunct banks of Hungary {{bank-stub

Overview

See also

Notes