The Oldest Banks in the World

Since it has the role of building a financial system that should support all aspect of any society, banks are one of the most important institutions in the development of any country. Traditionally, banks had roles of accepting deposits, transferring funds, money changing, and money lending.

Depending on the definition, the world's oldest bank is either Banca Monte dei Paschi di Siena or Berenberg Bank. Banca Monte dei Paschi di Siena was founded in its present form in 1624, but traces its history to a mount of piety founded in 1472. Other notable banks that have lasted for ages include Barclays, which was established in 1690, Coutts, which was started in 1692, and the Bank of England, which began in 1694, according to World Atlas.

While each of these banks have their own story, all them have managed to last for centuries and a major reason for that these institutions were always backed by powerful organisations.

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