Hungarian Industrial and Commercial Bank
Short-lived bank based in Budapest
From Wikipedia, the free encyclopedia
The Hungarian Industrial & Commercial Bank (Hungarian: Magyar Ipar-és Kereskedelmi Bank) was a significant albeit short-lived Hungarian bank with head office in Budapest. It was created in 1890 with sponsorship from Wiener Bankverein and additional participation by Deutsche Bank.[1]: 43 It appointed István Tisza as its president, a position the future statesman kept until 1901.[2] Count Gyula Andrássy the Younger and German financier Eugen Gutmann were among its high-profile board members.[3]: 222
Under Tisza's direction, the bank expanded rapidly but became overstretched, collapsing into bankruptcy in 1902 in part because of ill-timed investments in the Romanian petroleum industry.[1]: 67-68
