Powszechny Bank Gospodarczy w Łódzi

Not to be confused with PBG SA.

Powszechny Bank Gospodarczy w Łódzi (lit. 'General Economic Bank in Łódź'), also known as Bank PBG, was a bank based in Łódź, Poland. It was established in 1988-1989, and absorbed in 1999 by Bank Pekao.

Overview

Bank PBG was one of nine banks spun off in the late 1980s from the National Bank of Poland, the culmination of a sequence of reforms during the 1980s that brought an end to the country's single-tier banking system.[1]: 18  Specifically, it was established pursuant to the Regulation of the Council of Ministers of 11 April 1988 on the establishment of Powszechny Bank Gospodarczy in Łódź, which entered into force on the date of its announcement.[2]

Bank PBG's headquarters was located in Łódź at 15 Roosevelt Street.[3]: 124  It started operations on 1 January 1989, taking over 28 former branches from the NBP.

On 8 October 1991, Bank PBG was transformed into a joint-stock company, fully owned by the Polish State Treasury. By the mid-1990s it was the largest of the nine regional banks spun off from the NBP, and the fifth-largest Polish bank overall behind PKO Bank Polski, Bank Pekao, Bank Handlowy, and Bank BGŻ.[1]: 18 

In 1996, a government decision brought together Polska Kasa Opieki with Bank PBG and two of its peers established in 1989, Bank Depozytowo-Kredytowy in Lublin and Pomorski Bank Kredytowy in Szczecin. On 26 November 1996, Bank PBG absorbed People's Cooperative Bank in Łódź, originally established in 1899, which had come under financial distress and had suspended operations in 1995.[4] In October 1998 it started offering online services to its retail customers, the first bank in Poland to do so. On 1 January 1999, the four banks were merged into Bank Polska Kasa Opieki SA, or Bank Pekao.[5]: 63 

Bank PBG was led throughout its period of operation by Andrzej Szukalski.[3]: 124 

See also

References

  1. ^ a b Thomas Smith Mondschean & Timothy Opiela (February 1997), Banking reform in a transition economy: The case of Poland, Federal Reserve Bank of Chicago
  2. ^ "Dz.U. 1988 nr 21 poz. 144 - Rozporządzenie Rady Ministrów z dnia 11 kwietnia 1988 r. w sprawie utworzenia Powszechnego Banku Gospodarczego w Łodzi". ISAP – Internetowy System Aktów Prawnych. 11 April 1988.
  3. ^ a b Danuta Juzala (2002), "Region „Południe" Powszechnego Banku Gospodarczego Spółka Akcyjna w Łodzi Region w Wieluniu– rys historyczny" (PDF), Rocznik Wieluński (2): 123–140
  4. ^ "PBG przejął Spółdzielczy Bank Ludowy w Łodzi". Rzeczpospolita. 27 November 1996.
  5. ^ System bankowy w Polsce w latach dziewięćdziesiątych (PDF), National Bank of Poland, December 2001
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