• Ravi Teja K

World's First Bank - "Banca Monte dei Paschi di Siena"

Today banks are at the center of the whole financial system that runs our world. It was during the the peak of Imperialism that the world's first bank was established in Italy in the first half of the 17th century.

Banca Monte dei Paschi di Siena, Italy

Before having any currency, people used to trade goods using the Barter System of exchange. Some countries used to trade using Gold, Silver etc.,

Later money was invented, people started using money as a medium of exchange and subsequently it led to the establishment of the first bank in the world.

In the year of 1624, the first bank in the world known as Banca Monte dei Paschi di Siena was created in Siena, Italy.

Is the first bank in the world still in operation?

It is currently the third largest bank in Italy in terms of total assets amounting to 150 billion Euros. It has 2000 branches, 5.1 million customers and 26,000 employees.

Apparently, the origins of the first bank trace back to the year 1472, when it was still called as Mount of Piety, founded by order of the Magistrature of the Republic of Siena.

After some 150 years or so, they changed this Mount of Piety into the current form after Siena got incorporated into the Grand Duchy of Tuscany.

Did you know?

The Oldest bank in India is the state owned bank known as the State Bank of India (SBI).

It was actually a merger between three banks -- Bank of Madras (1843), Bank of Bengal (1806) and Bank of Bombay (1840) in the year 1921 naming it as Imperial Bank of India.

Then after the Independence of India, it was renamed to State Bank of India in the year 1955.

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