Did You Know?
The world’s oldest surviving bank is “Banca Monte dei Paschi di Siena”, which was founded in 1472, and is currently Italy’s 3rd largest bank.
Banca Monte dei Paschi di Siena also known as BMPS, is the oldest surviving bank in the world. It was founded in 1472 by order of the Magistrature of the Republic of Siena as the Monte di Pietà and has been in continuous operation since then. During the 17th and 18th century, after Italy was unified, BMPS expanded its operations throughout the entire country and offered the very first mortgage loans to Italian citizens.
Today, BMPS is the fourth largest commercial retail bank in Italy. In the the last few years, like several big banks around the world, BMPS has been bailed out by the government in order to avoid a shut down.