Finance minister Konstantin Cukić created the Uprava Fondova as the first-ever Serbian credit institution by law signed by Prince Mihailo Obrenović on 16 August 1862, implementing a decision made in late 1858 by the Saint Andrew's Day Assembly.

In practice, however, the bank's credit mostly went to a limited number of rural and urban landlords who in turn lent at higher interest to the peasants.

On 8 July 1898, the Uprava Fondova was reorganized by law as an independent bank, albeit with a state guarantee on its obligations, and allowed to open branches which facilitated access to its credit by less well-to-do borrowers.

[3] While it had no access to its occupied national turf, the bank was able to make payments such as pensions to refugees in Greece, and paid savings deposits on passbooks issued in Serbia before the withdrawal.

[4] It became a major player in the financing of construction and infrastructure in interwar Yugoslavia, and also was an active patron of the national arts scene.

[2]: xi, 63  By the end of 1940, it operated in 20 locations across the country in addition to the head office in Belgrade, and was still the leading credit institution in Yugoslavia.

[8] The buildings erected by DHB for its branches during the interwar period were generally of high architectural quality and have often been repurposed for prestige use in the successor states of Yugoslavia.