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Sedliacka banka, Bratislava
Member of parliament Teodor Turček and his associates were granted a provisional licence to establish a new agricultural bank
by the Ministry of Finance under No. 26.593/41-VI/16 on 21 November 1941. This licence was issued pursuant to a government resolution of 20 October 1941 confirmed by Decision No. 14.888/1941 of the government executive of 3 November 1941.
The government resolution permitted an exemption from the ongoing moratorium on the establishment of new financial institutions and laid down conditions for the creation of the new bank. The establishment of Sedliacka banka (Farmer Bank) was the culmination of several years of effort to concentrate agricultural capital under a single commercial bank. A key role was played by the cooperative association Zväz roľníckych vzájomných pokladníc (Association of Farmers’ Mutual Treasuries, ZRVP), which had a strong capital position and controlled a large part of secondary agricultural production. Another factor was the desire of the new political elite associated with the Hlinka’s Slovak People’s Party to use a bank to gain influence over secondary agricultural production, which had previously been controlled mainly by the Slovak agrarian politicians.
by the Ministry of Finance under No. 26.593/41-VI/16 on 21 November 1941. This licence was issued pursuant to a government resolution of 20 October 1941 confirmed by Decision No. 14.888/1941 of the government executive of 3 November 1941.
The government resolution permitted an exemption from the ongoing moratorium on the establishment of new financial institutions and laid down conditions for the creation of the new bank. The establishment of Sedliacka banka (Farmer Bank) was the culmination of several years of effort to concentrate agricultural capital under a single commercial bank. A key role was played by the cooperative association Zväz roľníckych vzájomných pokladníc (Association of Farmers’ Mutual Treasuries, ZRVP), which had a strong capital position and controlled a large part of secondary agricultural production. Another factor was the desire of the new political elite associated with the Hlinka’s Slovak People’s Party to use a bank to gain influence over secondary agricultural production, which had previously been controlled mainly by the Slovak agrarian politicians.
Following the government executive decision, the bank’s prospectus and share subscription forms were issued on 10 November 1941. ZVRP subscribed to and paid for 99% of the 80,000 shares in total share capital of 40 million Slovak crowns (Ks) and the compulsory reserve fund of Ks 6 million. The remaining 120 shares were subscribed to and paid for by 13 private investors.
The inaugural general meeting took place on 4 December 1941 but the bank did not begin operations until 1 January 1942 because it was waiting for a definitive licence, which the Ministry of Finance issued on 22 December 1941. The bank was entered
in the Companies Register on 24 December 1941.
in the Companies Register on 24 December 1941.
In March 1942 ZRVP transferred shares in seven food industry enterprises to the bank for a consideration of Ks 35.9 million, their original acquisition cost. To ensure that the new bank made a profit on interest and commissions, it also had to transfer all the firms’ credit and current accounts to Sedliacka banka. The enterprises involved in what ZRVP saw as an involuntary transaction were three sugar refineries, Nitrianske mlyny a lupárne (Nitra Mills and Seed Hulling), Východoslovenská chemická továreň v Kostoľanoch
(East Slovakia Chemical Works at Kostoľany), Slovenský zemedelský priemysel so sídlom v Bratislave
(Slovak Agricultural Industry Holding, Bratislava), and Paperod, obchod s perím na Slovensku (company trading in feathers). According to an agreement with the Ministry of Finance, the transaction would entitle ZRVP and its associated cooperatives to a share in the capital of Sedliacka banka. The association was represented in the bank’s management and supervisory bodies as its majority owner.
(East Slovakia Chemical Works at Kostoľany), Slovenský zemedelský priemysel so sídlom v Bratislave
(Slovak Agricultural Industry Holding, Bratislava), and Paperod, obchod s perím na Slovensku (company trading in feathers). According to an agreement with the Ministry of Finance, the transaction would entitle ZRVP and its associated cooperatives to a share in the capital of Sedliacka banka. The association was represented in the bank’s management and supervisory bodies as its majority owner.
According to the bank’s first Articles of Association, the administrative board should consist of 2 members representing the agricultural community, 3 members chosen from professional experts or the financial sector, 3 members representing administration
and 3 members who were functionaries of ZRVP or its member institutions. The members of the administrative board elected
at the inaugural general meeting were Fraňo Tiso, Anton Mederly, Ján Podoba, Štefan Mazák, Viktor Hlaváč, Alojz Jakubík, Juraj Lacko, Jozef Kuzma, Štefan Stankovič, Eugen Hudec and Ján Matkik. Fraňo Tiso was elected the first chairman of the administrative board but on 1 October 1942, he was appointed general director of the bank by order of the president of the republic. The position of chairman was left vacant and the vice-chairman Anton Mederly chaired the board’s meetings under authorisation. The five-member supervisory board was initially chaired by Ján Obuch, the chief executive of ZRVP, who was replaced by J. Kosorín in 1943.
and 3 members who were functionaries of ZRVP or its member institutions. The members of the administrative board elected
at the inaugural general meeting were Fraňo Tiso, Anton Mederly, Ján Podoba, Štefan Mazák, Viktor Hlaváč, Alojz Jakubík, Juraj Lacko, Jozef Kuzma, Štefan Stankovič, Eugen Hudec and Ján Matkik. Fraňo Tiso was elected the first chairman of the administrative board but on 1 October 1942, he was appointed general director of the bank by order of the president of the republic. The position of chairman was left vacant and the vice-chairman Anton Mederly chaired the board’s meetings under authorisation. The five-member supervisory board was initially chaired by Ján Obuch, the chief executive of ZRVP, who was replaced by J. Kosorín in 1943.
The bank carried out all standard financial operations, arranged banking and foreign exchange transactions, took financial deposits, discounted bills, cheques and promissory notes or granted Lombard loans against them, and offered all types of loans to natural persons, legal entities and public corporations. A significant part of its activities related to its capital holdings in industrial enterprises. Its main interest was secondary agricultural production but it gradually acquired shares in companies operating in unrelated sectors such as Parný a liečebný kúpeľ Grössling (Steam Baths and Spa), the Tlačiareň Wigand (printworks) and Letovisko Harmónia (holiday resort). In three years of wartime economic growth, the bank built up the largest industrial group in Slovakia. It owned shares
in 28 industrial or trading enterprises, of which only 13 were involved in agriculture. These were mainly mills, sugar refineries and factories for producing artificial fat substitutes or processing paprika or hemp. At the end of 1942, the aggregate share capital of the companies in the bank’s portfolio was over Ks 43 million and their total assets were worth around Ks 500 million. They grew
to Ks 1 billion by the end of the war. The growth of the industrial group was assisted by the policy of consolidating and centralising banking in Slovakia, in which it was given the role of liquidating many small and medium-sized banks. Thanks to its close links to government, it was able to take the largest share - nearly half - of this activity. On its establishment, it immediately took control, through consolidation, of 8 banks and their branches: Bratislavská všeobecná banka, Bratislava, Gazdovská a priemyselná banka, Bánovce nad Bebravou, Slovenská ľudová a hospodárska banka, Bratislava, Krajská ľudová banka, Trnava, Liptovská úverná banka, Liptovský Mikuláš, Novomestská úverná banka, Nové Mesto nad Váhom, Slovenská ľudová banka, Bratislava, Dunajská banka, Bratislava. It was later authorised to liquidate four branches of Tekovská ľudová banka in Zlaté Moravce, Oslany, Žarnovica and Banská Štiavnica. In mid-1943, it also took over the Bratislava branch of the Pražská úverná banka (Prague Credit Bank). This enabled it to have an office wherever a bank that it was liquidating had a branch. As of 30 June 1945, it had 22 branches in all regions of Slovakia.
in 28 industrial or trading enterprises, of which only 13 were involved in agriculture. These were mainly mills, sugar refineries and factories for producing artificial fat substitutes or processing paprika or hemp. At the end of 1942, the aggregate share capital of the companies in the bank’s portfolio was over Ks 43 million and their total assets were worth around Ks 500 million. They grew
to Ks 1 billion by the end of the war. The growth of the industrial group was assisted by the policy of consolidating and centralising banking in Slovakia, in which it was given the role of liquidating many small and medium-sized banks. Thanks to its close links to government, it was able to take the largest share - nearly half - of this activity. On its establishment, it immediately took control, through consolidation, of 8 banks and their branches: Bratislavská všeobecná banka, Bratislava, Gazdovská a priemyselná banka, Bánovce nad Bebravou, Slovenská ľudová a hospodárska banka, Bratislava, Krajská ľudová banka, Trnava, Liptovská úverná banka, Liptovský Mikuláš, Novomestská úverná banka, Nové Mesto nad Váhom, Slovenská ľudová banka, Bratislava, Dunajská banka, Bratislava. It was later authorised to liquidate four branches of Tekovská ľudová banka in Zlaté Moravce, Oslany, Žarnovica and Banská Štiavnica. In mid-1943, it also took over the Bratislava branch of the Pražská úverná banka (Prague Credit Bank). This enabled it to have an office wherever a bank that it was liquidating had a branch. As of 30 June 1945, it had 22 branches in all regions of Slovakia.
After the end of the war in 1945, the bank was placed under temporary administration led by Jaroslav Havlík, which was then replaced by national administration. Representatives of the financial sector and the Democratic Party lobbied for the bank to be allowed to continue as an autonomous financial institution because it owned and financed most of the food industry in Slovakia.
When these efforts failed, Sedliacka banka concluded an agreement with ZRVP to transfer the industrial enterprises that it owned back to ZRVP because it was a cooperative and would therefore not be nationalised. After the January 1948 meeting
of the government at which the merging of the Czechoslovak banks was approved, the Executive Authority for Finance issued Order No. 1204/48-VI/18 of 30 January 1948, under which Sedliacka banka was to be liquidated by merger with Slovenská banka, national enterprise, Bratislava.
When these efforts failed, Sedliacka banka concluded an agreement with ZRVP to transfer the industrial enterprises that it owned back to ZRVP because it was a cooperative and would therefore not be nationalised. After the January 1948 meeting
of the government at which the merging of the Czechoslovak banks was approved, the Executive Authority for Finance issued Order No. 1204/48-VI/18 of 30 January 1948, under which Sedliacka banka was to be liquidated by merger with Slovenská banka, national enterprise, Bratislava.
The fonds of Sedliacka banka contains documents from 1912 to 1952 and includes archival documents produced
through the organisational activity of the bank and the industrial enterprises that it owned or financed. The archival documents are written mainly in Slovak though some are in Hungarian and German. The contents of the registry of Sedliacka banka were received
in a disorganised condition at the corporate archives of Štátna banka československá (State Bank of Czechoslovakia) in Marianka in 1956. Partial processing of the fonds was carried out in 1963 in the corporate archives of the regional branch of Štátna banka československá in Bratislava. In 1975 – 1977, the records were moved to a new utility building of the archives at 27 Krajná Street in Bratislava and later, in 2003, they were transferred to the Archives of Národná banka Slovenska at 8 Cukrová Street in Bratislava. The archival documents provide information that can be used to map the economic development of Slovakia during the Second World War and they are also a source of statistical information on finance.
through the organisational activity of the bank and the industrial enterprises that it owned or financed. The archival documents are written mainly in Slovak though some are in Hungarian and German. The contents of the registry of Sedliacka banka were received
in a disorganised condition at the corporate archives of Štátna banka československá (State Bank of Czechoslovakia) in Marianka in 1956. Partial processing of the fonds was carried out in 1963 in the corporate archives of the regional branch of Štátna banka československá in Bratislava. In 1975 – 1977, the records were moved to a new utility building of the archives at 27 Krajná Street in Bratislava and later, in 2003, they were transferred to the Archives of Národná banka Slovenska at 8 Cukrová Street in Bratislava. The archival documents provide information that can be used to map the economic development of Slovakia during the Second World War and they are also a source of statistical information on finance.
Last updated: Tuesday, January 31, 2023