Month: June 2016

The Oldest Bank In The World

Today, in most places, you can see a lot of different banks scattered. This is because business is already blooming in many places. Wherever there are businesses, there are always banks. But do you know the oldest bank in the world?

Banca Monte dei Paschi di Siena is considered as the oldest bank in the world. It was founded in 1472. Originally, this bank was formed to make loans to the poor in Siena, Italy. Up until today, the bank is still running and continues to be highly regarded as it produces more branches throughout Italy.

The name “Monte” actually means “heap’ or “pile”. This was used because people referred to the collection of money used to distribute to charitable organizations. Banca Monte dei Paschi di Siena really provided benefits to the city’s economy during that time.

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