5 Oldest Banks in the World
Today, Bank is the vein of economy. Million of people depend on a banking system, banking products and the number is rising every year. We can track history of the first bank since 500 years ago. Here we are going to locate the bank. This is 5 oldest banks in the world. The first one is the youngest.
5. Bank of New York/ Bank of New York Mellon
Instituted: 1784 (227 years operation)
Bank of New York is the former name of bank of New York Melon. A well-known lawyer Alexander Hamilton founded the bank in 1784. The bank is older than New York Stock Exchange and it was the first company that was listed on NYSE in 1792. Bank of New York changed its name in 2007 after Mellon Financial Corporation acquired the bank.
4. Bank of Scotland/ Halifax Bank of Scotland
Instituted: Edinburgh, Scotland in 1695 (316 years operation)
In Scotland, the bank was the first bank that printed and distributed paper money and coin. The founder was Scotland Parliament and it was founded to support business in Scotland in the last decade of 17th century. In 2001, Halifax bank overtook the bank and changed its name.
3. C. Hoare & Co
Instituted: London, England, in 1672 (339 years operation)
Sir Richard Hoare was the founding father of the bank and the management has been descended from one generation to next generation of Richard himself. During World War II, the main building of C.Hoare was destroyed and became the cruel witness of Nazi air attack.
4. Berenberg Bank
Instituted: Hamburg, Germany, in 1590 (421 years operation)
Hans and Paul Berenberg who worked as textile importers and exporters founded Barenberg Bank in 1590. Their bank received saving and distributed loans. Along the economy growth of Hamburg, the bank got bigger and expanded. It is known as the 2nd oldest bank in Europe after Banca Monte dei Paschi.
5. Banca Monte dei Paschi
Instituted: Siena, Italia, in 1472 (539 years)
The longest and oldest bank in the world
Banca Monte dei Paschi is known as the longest operational and oldest bank on earth. At first, it gave loan and financing to farmers and farm owners and small business owners around Siena. Monte dei Pasch is referred to land because the bank took the farmland certificate as the grant to get the loan.
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