The word “bank” comes from the Italian term “branco”. Some of the oldest banks in the world have been in continuous operation for several centuries.
Banca Monte dei Paschi di Siena
Banca Monte Dei Paschi di Siena is the oldest surviving bank in the world. It was founded in 1472 in the Tuscan city of Siena, which at the time was a republic. The bank was created to offer loans to “poor or miserable or needy persons”, and it soon expanded its operations throughout the entire country after Italy was unified.
Berenberg Bank
Berenberg bank is the second oldest in the world after Banca Monte Dei Paschi di Siena, and it’s also the world’s oldest merchant bank. Dutch Protestant brothers, Hans & Paul Berenberg established the Hamburg-based bank in 1590.
It grew during a time of prosperity in Hamburg, as the city was becoming a hub for financial and trading activity in the late 16th century
Sveriges Riksbank
The world’s oldest central bank, Sveriges Riksbank was founded from the ruins of Stockholms Branco, in 1668. In contrast to a commercial bank, a central bank controls the money supply and prints the national currency.
The Swedish bank was established under the control of the Riksdag of the Estates – Sweden’s second highest authority, after the king, at this time. This decision had been made to prevent the king from interfering with the bank’s affairs.
C. Hoare & Co.
In the days before street numbering, people used signs to identify shops and businesses. Sir Richard Hoare established his bank at the ‘sign of the golden bottle’ in Cheapside, London. C. Hoare & Co. was founded on 5th July 1692 and the bank quickly evolved throughout the 17th and 18th century.
In 1690, Hoare moved the business to Fleet Street, the site of today’s office, that’s owned and managed by Hoare’s direct descendants.
Bankhaus Metzler
Two years after C. Hoare & Co, the Bankhaus Meltzer was born. The founder Benjamin Metzler moved to Frankfurt in 1671 and worked as a bookkeeper, before creating his own trading business.
In the early 1670’s, the company started its transition into a bank by switching their focus to offering financial services instead of stockbroking. In 1986, the bank was converted from a partnership to a limited company to strengthen its capital base and independence.
