[2]: 147–148 The decision to create the First Savings Bank was made by the Pest municipal authorities in 1839, following advocacy by prominent local figures such as András Fáy.

It started operations on 11 January 1840, initially in two small rooms of Pest County Hall.

Lajos Kossuth and István Széchenyi were among its 326 original backers.

[4]: 220  It remained among the country's leading banks during the interwar period.

That entity became OTP Bank following the end of communism in Hungary.