In October 1716, following the Battle of Petrovaradin, a decisive Austrian victory in the Austro-Turkish War of 1716–18, the Habsburgs conquered the Ottoman town (Veliki) Bečkerek / (Nagy) Becskerek, now Zrenjanin in Vojvodina. With the Treaty of Passarowitz from July 21, 1718, the Ottoman Empire had to cede the Banat of Temeswar to the Austrian archduke. In order to develop the newly acquired region an Imperial Privileged Oriental Company (Kaiserliche privilegierte orientalische Kompagnie) was founded in 1719. It was intended to foster the commerce with the Ottoman Empire through the Danubian basin and the Adriatic ports of Trieste and Fiume. The Banat was underpopulated and the imperial authorities boosted its colonization with new settlers.