Top 5 world's oldest banks

Where Banking Began: The five first banks

Like most of us, you keep money in a bank account. It's so simple. But have you ever wondered what people did with their money before the advent of banks? Before the advent of such privileges, people kept all their money in kitchen pots and piggy banks. Over time, the banking system began to form, and the first modern banks appeared in Italy during the Middle Ages and early Renaissance. The word "bank" actually comes from the Italian word for "swing." Some of the oldest banks in the world have been around for centuries.

1. Monte dei Paschi di Siena

Monte dei Paschi di Siena, the oldest surviving bank in the world, was founded in 1472 in the then republican Tuscan city of Siena. The bank was founded to provide loans to "the poor, the unfortunate and the needy" and soon after the unification of Italy, it expanded across the country. But the 2008 financial crisis forced it to recapitalize, and its problems worsened: it posted a loss of 730 million euros in 2013. Like many other banks, it struggled to raise capital to avoid closure. Today, Monte dei Paschi di Siena is the fourth largest commercial and retail bank in Italy.

2. Berenberg Bank

Berenberg Bank is the second oldest bank in the world and the oldest commercial bank in the world after Monte dei Paschi di Siena Bank. It was founded in Hamburg in 1590 by Dutch Protestant brothers Hans and Paul Berenberg. At the end of the 16th century, Hamburg experienced rapid growth as a financial and commercial center. Throughout the years, the Berenberg Bank has remained true to its roots. Today, the bank is still partly owned by the descendants of its founders.

3. Sveriges Riksbank

The oldest central bank in the world, Sweden's Riksbank was founded in 1668 on the site of Blanka in Stockholm. Unlike commercial banks, the central bank controlled the money supply and printed the national currency. The Swedish bank was subordinate to the parliament (Riksdag), which is the second most important institution in Sweden after the king. This decision was made so that the king could not interfere with the bank's activities. The previous bank under the king's control had failed because it printed too much paper money, and when a new legislature was created in 1866, the name of the bank was changed to the Swedish Central Bank (Riksbank). One of the Riksbank's first tasks was to maintain price stability. Sweden was the first country in Europe to issue banknotes. The bank survived the financial crisis and is now the third oldest bank in the world.

Старейшие банки мира

4. C. Hoare & Co

In the days when there were no street numbers, people used signs to identify stores and businesses. Sir Richard Hoare founded a bank on a "gold bottle sign" in London's Cheapside neighborhood; C. Hoare & Co. was founded on July 5, 1692, and the bank grew rapidly during the 17th and 18th centuries; in 1690 Hoare moved the company to Fleet Street, where it is now located. Hoare's direct descendants own and operate the office. The bank has a rich history and has undergone many changes, including remodeling in the nineteenth century. It survived a fire caused by an air raid during the Second World War. It is the oldest bank in the UK and more information about its history can be found on the C. Hoare & Co.

5. Metzler Bank

Two years after C Hoare & Co came the banking house of Meltzer. Its founder, Benjamin Meltzer, had moved to Frankfurt in 1671 and worked as an accountant before founding the company. At the beginning of the 1970s, the company began to transform itself into a bank, focusing more on financial services than stock trading. In 1986, the bank strengthened its capital base and independence by converting from a partnership to a limited liability company. The bank took a firm stance and its independence became a hallmark of the company. The Metzler family still plays an important role as owners of the bank, but many partners outside the family are now involved in its management.

The banking industry has undergone significant changes over the years. One of the most significant changes was the relatively recent advent of mobile banking apps in 2010. The fact that the oldest banks in the world still exist today proves that they are keeping up with the times. Banks have a rich culture and history, and with the right support, they can continue to evolve for years to come.


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