Top 12 Oldest Banks That Are Still in Business in Europe
What is the First Bank in the World?
The idea of banking predates this by many years, even though the Banca Monte dei Paschi di Siena, which was founded in 1472, is the oldest bank still in operation. In actuality, the earliest known bank prototype was created in 2000 BCE when traders lent grain to farmers and traders who moved goods between towns.
Later, bankers operating out of temples in ancient Greece started taking deposits, disbursing loans, and exchanging currency during the Roman Empire. In the meantime, lending of money has been documented in ancient India and China.
Learn more: Top 10 Oldest US Banks That Are Still in Business
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| What Are The Oldest Banks In Europe |
Modern Banking Emerges in Medieval and Renaissance ItalyModern banking has its roots in medieval and Renaissance Italy, according to scholars. Giovanni Medici's Medici Bank, established in 1397, is the most well-known Italian bank. During the 15th and 16th centuries of the Holy Roman Empire, banking spread from Northern Italy to Northern Europe. |
The Development of Traditional Banking from the 15th to the 17th CenturiesThe world's oldest banks were founded as a result of the expansion of traditional banking between the 15th and 17th centuries. In the seventeenth century, standard banking activities like lending, exchanging, receiving deposits, and transferring funds were combined with the issuing of bank debts, which served as an alternative to silver and gold coins. This encouraged the expansion of the commercial and industrial sectors by offering a safe and easy way to make payments and a money supply that was more responsive to demands. Consequently, banking emerged as a crucial means of financing for European nations, leading to the founding of the initial central banks and governmental policies. |
Top 12 Oldest Banks In Europe
1. Banca Monte dei Paschi di Siena (Italy)
Founded in 1472
BMPS, or Banca Monte dei Paschi di Siena, is the oldest bank that is still open in the world. The Magistrature of the Republic of Siena ordered that it be built as the Monte di Pietà in 1472, and it has been used ever since.
In the 17th and 18th centuries, when Italy became one country, BMPS grew its business across the whole country and gave Italians their first mortgage loans.
The BMPS is now the fourth biggest commercial bank in Italy. In the past few years, the government has bailed out BMPS and many other large banks around the world to keep them from going out of business.
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2. Banca Carige (Italy)
Founded in 1483
Banca Carige was established in Genoa in 1483. It has seen the ups and downs of Italian history. Founded to fund trade in the Maritime Republic, it has evolved to meet the changing financial situation over the ages.
Banca Carige has experienced modern issues, such as financial insecurity in the twenty-first century. It underwent considerable restructuring in 2019 to strengthen its financial condition.
3. Berenberg Bank (Germany)
Established in 1590
Berenberg Bank, primarily a merchant bank and a private bank, was founded in 1590 by the Berenberg family. Their heirs still hold the bank.
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4. Sveriges Riksbank (Sweden)
Established in 1668
The central bank of Sweden is Sveriges Riksbank, which people sometimes just call "Riksbanken." It is the third oldest bank in the world that is still in business.
So that the king wouldn't get in the way of the bank's operations, it was set up in 1668 under the direct control of the Riksdag of Estates, which was Sweden's second-highest authority at the time.
Sweden's old bank, Stockholms Banco, failed because it printed too many notes without enough collateral while it was being watched by the king. Sveriges Riksbank is the name of the bank that was given to it after a new national legislature was set up in 1866. After the global financial crisis in the early 2000s, the bank shut down all of its branches in Sweden and hired a private company to handle coins and bills.
5. C Hoare & Co (United Kingdom)
Established in 1672
C Hoare & Co is the oldest tiny private bank in the United Kingdom. Sir Richard Hoare founded it in 1672, and it is still controlled by his family, with his 10th and 11th generation relatives running the bank.
The bank provides loans, mortgages, savings accounts, and tax and estate planning services to high-net-worth clientele. The bank pioneered several facets of modern banking, including printed checks, in the 18th century.
C Hoare & Co, England's oldest and most prominent bank, has many famous clients, including Lord Byron, Jane Austen, Eton College, and Catherine of Braganza, King Charles II's wife.
6. Barclays Bank (United Kingdom)
Established in 1690
Barclays was established in 1690. It began as a goldsmith banking firm in the City of London. It grew into a global financial behemoth over the decades. Barclays has been at the forefront of financial innovation since 1967, when it introduced the world's first ATM.
Barclays rose to prominence in its early days by financing trade between England and the Americas. The bank's colonial links were critical to its expansion.
7. Coutts (United Kingdom)
Established in 1692
Another English bank that was started in the 1600s is Coutts. The bank was started in 1692 by a young Scottish goldsmith-banker named John Campbell. At first, it was a goldsmith-banker's store.
Campbell died in 1712 and left the business to his family. In 1755, his granddaughter Polly married a merchant and banker named James Coutts.
Polly and her father died in 1760, leaving James the bank and most of the Campbell fortune. He named the bank after himself.
The Royal Bank of Scotland (RBS) has owned Coutts since 2000. There is no information on how much RBS paid for Coutts International. This was done so that the bank could focus on its work in the UK.
8. Bank of England (United Kingdom)
Established in 1694
In 1694, the Bank of England was established as a private bank to operate as the government's banker.
9. Bank of Scotland
Established in 1695
On July 17, 1695, an Act of the Scottish Parliament established the Bank of Scotland.
It is Scotland's first and oldest bank, and post-dates the Bank of England by just one year.
10. Caja Madrid (Spain)
Established in 1702
Caja Madrid, formally the Caja de Ahorros y Monte de Piedad de Madrid, headquartered in Madrid, is the oldest of the Spanish savings banks.
It was founded on 3 December 1702, by Francisco Piquer, an Aragonese priest. Caja Madrid was the regional-owned bank of the Community of Madrid.
11. Banco Etcheverria (Spain)
Year of foundation: 1717
Banco Etcheverria, which was established in 1717, is one of the oldest banks in the world. Banco Echeverria was a bank in Spain. This family-run bank is the oldest in Spain's financial system and the world's 11th oldest existing bank, dating back more than a half-century before the Bank of Spain. Juan Echeverry (née Jean Decheverry), a French businessman and tannery owner who had settled in Galicia, created it in Betanzos, A Corua (Spain) in 1717.
12. Banque de France
Year Founded: 1800
Caesar Napoleon set up the Banque de France in 1800. It was very important to France's economic history. It was set up to help the economy grow and keep the country's financial system stable.
Banque de France has had to deal with many problems, such as the damage from two world wars. It was a very important part of rebuilding France's economy after the war.
In Conclusion
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.
The oldest banks in Europe lead back to Renaissance Europe, with the oldest being the Banca Monte dei Paschi di Siena in Italy, that first opened in 1472.
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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