Rothschild banking family of Austria

Rothschild Banking Family Of Austria

Rothschild banking family of Austria

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The Rothschild banking family of Austria was founded by Salomon Mayer von Rothschild in 1820 in Vienna in what was then the Austrian Empire.

History

Salomon had been sent there from his home in Frankfurt, Germany by his father, Mayer Amschel Rothschild (1744-1812). Wanting his sons to succeed on their own and to expand the family business across Europe, Mayer Amschel Rothschild had his eldest son remain in Frankfurt, while his four other sons were sent to different European cities with the mission of establishing a financial institution to invest in business and provide banking services. Endogamy within the family was an essential part of the Rothschild strategy in order to ensure control of their wealth remained in family hands. Through their collaborative efforts, the Rothschilds rose to prominence in a variety of banking endeavours including loans, government bonds and trading in bullion. Their financing afforded investment opportunities and during the 19th century they became major stakeholders in large-scale mining and rail transport ventures that were fundamental to the rapidly expanding industrial economies of Europe.

Salomon von Rothschild established S M von Rothschilda banking and investment entity that would be highly successful, playing an integral role in the development of the Austrian economy. In 1836, the bank invested in, and financed the building of, the Kaiser Ferdinand's Nordbahn rail networks, Austria's first steam railway. As well, it financed...
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