Sándor Demján, Hungary's 2nd richest person, dies

One of the most influential businessmen in Hungary

Sándor Demján was one of the most well-known businessmen in Hungary and the second wealthiest person in the country, according to Forbes. He founded Gránit Pólus Group and he was also Chairman of the real estate developer. He served as executive president of the National Association of Entrepreneurs and Employers (VOSZ), and as Chairman of the National Association of Savings Cooperatives (OTSz). He had started the Skála department store chain in 1973, founded Gránit Bank in 1985 and the Hungarian Credit Bank in 1986. In 1996, he became the Chairman of real estate giant TriGránit, and in 1999, inaugurated the WestEnd City Center mall, then the largest mall in the region. In 2003, Demján founded the Prima Primissima Award, to recognize Hungarian excellence in science, arts and culture.

He was a well-decorated entrepreneur, a recipient of the Grand Cross of the Order of Merit of the Republic of Hungary (civil) in 2013.

Portfolio has honoured Demján with its Life Achievement Award in 2012.

You can watch his speech made at the awarding ceremony in the player below (in Hungarian).

One of his last interviews

Demján gave an interview to Portfolio Property Magazine at the end of last year. He and Gyula Ágházi, CEO of Gránit Pólus, talked about future plans of the company. The revealed a plan of embarking on Europe’s market leading commercial city development project on the plot behind the WestEnd mall, which is targeted to be Budapest’s most attractive and most valuable office and residential environment, as well as the largest-volume commercial property investment in the region.

Life and career

Demján was born on 14 May 1943 in Börvely (present-day Berveni, Satu Mare County, Romania). He never knew his father who died in World War II. His mother moved to Etyek, Hungary with her three children in 1944.

He obtained his diploma in 1965 on a scholarship by the National Alliance of Consumer Co-operatives (Szövosz) at the College of Commerce and Catering in Budapest. He got a job at ÁFÉSZ in Gárdony and became President of Gorsium ÁFÉSZ (1968-1973). Between 1973 and 1986, he was CEO of Skála Coop co-operative joint venture.

From 1986 to 1990, he was the President and one of the founders of the Hungarian Credit Bank. Since 1990, he has been part of the Central European Development Corporation, and in 1991, he became CEO of the Central European Investment Company. In 1996, he opened the Bank Center, Gránit Pólus Plc., and the Pólus Center. In 1996, he became the Chairman of TriGránit. In 1999, he also inaugurated the WestEnd City Center, followed in 2000 by the Polus City Center in Bratislava, and the Silesia City Center in Katowice in 2005.

In 2010, he entered the banking sector when he acquired Milton Bank from Wallis Zrt., and renamed it Gránit Bank.

Citing his age, he announced in 2014 that he would be gradually withdraw from the business life, and pass on management of his companies to his subordinates.

His wealth was estimated at HUF 192 billion by Forbes in 2017, which made him the second richest person in the country.

In 2003, he founded the Prima Primissima Award, dedicated to the protection of Hungarian intellectual achievements, the development of domestic science, and the strengthening of arts and culture.

In 2012, he offered a significant part of his assets up for charity. (Source: Wikipedia)

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• trigranit,
• granit bank,
• gránit pólus,
• companies,
• death