Description

The First National Savings Bank of Pest, also known as PHET, was a significant Hungarian bank founded in 1839–1840. It was later nationalized in 1948 along with its affiliate, Hazai Bank. PHET, alongside other major banks like the Hungarian Commercial Bank of Pest and the Hungarian General Credit Bank, played a pivotal role in Hungary's banking sector in the late 19th and early 20th centuries.

Initially established through the initiative of Pest municipal authorities in 1839, with support from influential locals like András Fáy, PHET commenced operations on January 11, 1840, in two small rooms at Pest County Hall. Noteworthy figures such as Lajos Kossuth and István Széchenyi were among its 326 original backers. It transitioned from an association to a joint-stock company in 1844 and expanded its presence by opening branches in Pest in 1868. By 1913, it ranked as Hungary's second-largest bank by total assets, retaining its prominent position throughout the interwar period.

Engraver: László Rajki