BANCA MONTE DEI PASCHI DI SIENNA

We know of modern banking to be easy and accessible, and safe. The words comes to our mind when we hear banking: ATM, deposit, withdraw, check, bills, credit cards, and such. What would be like without banking, or what would it be like when you were the one to establish the first ever bank and will continue to serve for 547 years and still counting!

Principles of banking were used to ancient civilizations like Rome, like lending and borrowing money or such. At the time, Roman Empire is expanding, thus the development of banking also widened.

But not until March 4, 1472, the first ever established bank was in the city state of Sienna, Italy by its magistrates. In fact, it is the 3rd largest bank in Italy and the oldest surviving bank in the world! The name of the bank is Banca Monte dei Paschi di Siena. Continuing its service and operation since the year it was founded.

Published: January

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History Challenged

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