List of oldest continuously operating banks globally

The history of banking is a long and fascinating one, with many institutions still operating today. The oldest continuously operating banks globally have been serving their communities for centuries.

Barclays Bank, established in 1690, is one of the oldest banks in the world. It has been in operation for over 330 years.

The oldest bank in the Americas is the Bank of New York Mellon, founded in 1784. This bank has been a major player in the financial industry for over 235 years.

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Ancient Egypt had a well-developed grain-banking system with a network of branches and employees, comparable to major modern banks. The system was centered in Alexandria, where the main accounts from all of the Egyptian regional grain-banks were recorded.

The Egyptian banking system had two types of banks: royal and private, with documents showing the banking of taxes known as peptoken-records. The royal banks were likely the most influential, handling large transactions and storing wealth.

In Mesopotamia, banking as an archaic activity began as early as the latter part of the 4th millennium BCE, with people depositing gold and paying amounts as much as one sixtieth of the total deposited.

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In Mesopotamia and Persia, banking as we know it today began to take shape around 2000 BCE. People were depositing gold in temples, which would then issue loans to citizens.

The temples were known to provide lending and issuing of wealth, often in the form of seed-grain that would be repaid from the harvest. This basic social agreement was documented in clay tablets.

By 209 BCE, the habit of depositing and storing wealth in temples continued, as evidenced by Antiochus III ransacking the temple of Aine in Ecbatana (Media) of gold and silver.

The code commissioned by Hammurabi in 1792-1750 BCE provides more insight into the banking practices of the time. Law 100 stipulated that loan repayment had to be on a schedule with a maturity date specified in written contractual terms.

A depositor of gold, silver, or other property had to present all articles and a signed contract of bailment to a notary before depositing the articles with a banker, as per Law 122. This ensured that the banker was discharged of any liability from a contract of bailment if the notary denied its existence.

The house of Egibi of Babylonia, active sometime after 1000 BCE, is described as having had financial activities similar to modern deposit banking. They were likely a "lending house" or a family engaging in professional banking.

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The ancient Egyptians had a sophisticated banking system that rivaled modern banks in terms of its complexity and reach. Some scholars suggest that the Egyptian grain-banking system had a network of branches and employees comparable to major modern banks.

The system was so well-developed that it was transformed into a network of banks centered in Alexandria during the rule of the Greek Ptolemies. This became the site of one of the earliest known government central banks.

Two types of banks operated within Egypt: royal and private. Documents known as peptoken-records were made to show the banking of taxes.

The Egyptian grain-banking system was so advanced that it's likely that the concept of central banking originated there.

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Discounting of interest was a clever way to get around the moral prohibition on usury, directly paying money for the use of money. This practice gave depositors an interest, or part ownership, in the trades performed with their money.

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In medieval trade fairs, moneychangers issued documents redeemable at other fairs, which were essentially IOUs that could be cashed in for hard currency. These documents could be redeemed at a future fair in a different country or at a future fair in the same location.

If redeemable at a future date, these documents were often discounted by an amount comparable to a rate of interest, effectively allowing people to transfer large sums of money without the hassle of hauling gold chests.

In the Middle Ages, merchant banks emerged in Italy as Lombardy merchants and bankers grew in wealth and credit based on the strength of the Lombard plains cereal crops.

Italian grain merchants invented this system, which attracted displaced Jews fleeing Spanish persecution who brought ancient practices from the Middle and Far East to finance grain production and distribution.

These Jewish traders had a significant advantage over locals: they could make high-risk loans to farmers against crops in the field without direct jurisdiction by the Church.

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Their ability to lend at interest, which was forbidden for Christians, allowed them to advance payment against the future delivery of grain shipped to distant ports, making a profit from the present discount against the future price.

Jewish traders performed both financing and underwriting functions, providing crop loans to farmers and crop insurance to guarantee delivery of the crop to its buyer.

In the event of crop failure, traders would make arrangements to supply the buyer with the crop through alternative sources or keep the farmer in business through crop insurance.

Merchant banking progressed from financing trade on one's own behalf to settling trades for others, and then to holding deposits for settlement of "billette" or notes written by those brokering the actual grain.

These deposited funds were intended to be held for the settlement of grain trades, but often were used for the bench's own trades in the meantime.

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European banking history dates back to medieval and early Renaissance Europe, where the Lombards in Italy and the Cahorsins in France made significant contributions in the 12th and 13th centuries.

The rich Italian cities of Florence, Venice, and Genoa played a particularly important role in the development of modern banking.

Medieval Europe was a time of great economic growth and development, laying the groundwork for modern banking.

The Lombards in 12th and 13th century Italy were among the first to establish banking practices.

These early bankers provided financial services to merchants and traders, helping to facilitate trade and commerce.

The rich Italian cities of Florence, Venice, and Genoa also played a significant role in the development of banking during this period.

In the 13th century, France's Cahorsins also emerged as a major banking force, with their own unique financial practices and institutions.

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The 16th century saw a significant exchange of financial ideas between Spain and the Ottoman Empire. This was largely due to Marrano Jews fleeing from Iberia, who introduced European capitalism and banking techniques to the Ottoman Empire.

The leading financiers in Istanbul during this time were Greeks and Jews, many of whom were Marranos who had fled from Iberia. They brought great fortunes with them, which they used to establish themselves in the Ottoman Empire's financial landscape.

The Marrano banking house of Mendes was one of the most notable Jewish banking families in the 16th-century Ottoman Empire. They moved to Istanbul in 1552 under the protection of Sultan Suleiman the Magnificent.

Alvaro Mendes, a member of the Mendes family, arrived in Istanbul in 1588 with a significant amount of wealth, reportedly 85,000 gold ducats. This was a substantial amount of money at the time, and it helped the Mendes family establish a dominating position in the state finances of the Ottoman Empire.

The development of central banking in Europe is a fascinating story that spans centuries. The Bank of Spain, for instance, was first founded in 1782 as the Banco Nacional de San Carlos, taking on the role of a privately owned bank with close ties to the Spanish kingdom.

In 1922, the Bank of Spain officially became the country's central bank, marking a significant shift in its role. This change allowed the bank to play a more prominent part in the country's financial system.

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The Bank of Spain's transformation into a central bank was a major milestone in its history, and it paved the way for other European banks to follow suit. The bank's close ties to the Spanish kingdom ultimately led to its official designation as the country's central bank.

In 1999, the Bank of Spain became part of the European System of Central Banks, a move that further solidified its position as a key player in European finance.

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During the 15th-17th centuries, the banking industry experienced significant expansion, with several institutions emerging to meet the growing financial needs of merchants and traders.

Banca Monte Dei Paschi di Siena, founded in 1472, is one of the oldest banks in continuous operation. It was initially established to collect alms for the poor.

The Medici family's banking business, founded in 1397, also played a crucial role in the expansion of the banking industry during this period.

Medici's innovative approach to banking included the use of double-entry bookkeeping, which allowed for more accurate financial record-keeping.

In the 16th century, the Banco di Rialto in Venice was established, marking a significant milestone in the development of modern banking.

The Banco di Rialto provided a safe and secure place for merchants to store their wealth and conduct financial transactions.

The modern bank emerged in the 17th and 18th centuries, with the Bank of England becoming one of the first to issue banknotes in 1695.

Initially, these banknotes were hand-written and promised to pay the bearer the value of the note on demand in specie. By 1745, standardized printed notes ranging from £20 to £1,000 were being issued.

The number of banks increased during the Industrial Revolution and the growing international trade, especially in London. At the same time, new types of financial activities broadened the scope of banking.

The first overdraft facility was set up in 1728 by the Royal Bank of Scotland, allowing customers to borrow money from the bank. This innovation marked a significant milestone in the evolution of modern banking.

In the late 18th century, two immigrant families, Rothschild and Baring, established merchant banking firms in London and came to dominate world banking in the next century. Their success was largely due to their expertise in underwriting bonds and originating foreign loans.

The 18th century saw the introduction of clearing facilities, security investments, cheques, and overdraft protections, making banking more convenient and accessible to the general public.

The oldest banks in the world have a rich history that spans centuries. Banca Monte dei Paschi di Siena, founded in 1472, is considered the world's oldest bank, originally established as a mount of piety.

Some notable banks established in the 17th century include Sveriges Riksbank, founded in 1668, which is considered the world's oldest central bank. Barclays, founded in 1690, and C. Hoare & Co., founded in 1672, are also among the oldest British banks.

Here's a brief list of some of the oldest banks in the world:

The oldest banks have stood the test of time, with some still operating today in their original form.

Loans have a long history, with many recorded in ancient writings. In Athens, loans were provided at an annual interest of 12%, and bankers made loans available on eleven known occasions.

Banks sometimes made loans confidentially, providing funds without being publicly known to have done so. This intermediation was known as "God will trap you".

A loan was made by a Temple of Athens to the state during 433–427 BCE. This highlights the early origins of banking and lending practices.

In ancient Athens, loans were not the primary function of banks, but rather a secondary activity.

The Netherlands has a rich history of banking, dating back to the 16th and 17th century when precious metals from around the world were imported into Europe, causing prices to increase. This influx of wealth led to the development of concepts such as fractional-reserve banking and payment systems.

The Bank of Amsterdam played a significant role in this period, allowing for free coinage and facilitating trade and commerce. The Netherlands became a hub for coin and bullion deposits, attracting even more wealth to the region.

In 1814, King William I of the Netherlands founded De Nederlandsche Bank, which has been the country's national bank ever since. The bank's role changed in 1999 with the introduction of the euro, but it remains a part of the European System of Central Banks.

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Germany has a rich history of banking, dating back to the 15th century. The Fuggers and Welsers, two prominent banking families, emerged in southern Germany during this time and went on to control much of the European economy.

The Fuggers built the Fuggerei, the first German social housing area for the poor, in Augsburg. This remarkable feat of social responsibility still exists today.

In northern Germany, Dutch bankers played a crucial role in establishing banking in the city states. They founded Berenberg Bank in Hamburg in 1590.

Berenberg Bank is not only the oldest bank in Germany but also the world's second oldest, a testament to the enduring legacy of its founders, Hans and Paul Berenberg.

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The earliest banks in Europe date back to the 15th century, with the Medici family in Italy establishing a bank in 1397.

The Medici bank was a private bank that provided financial services to wealthy families and merchants.

The bank's success was largely due to the Medici family's control of the gold and silver trade, which gave them a monopoly on the market.

The Medici bank was also a major lender to the Catholic Church, providing loans to the Pope and other high-ranking clergy.

One of the earliest banks in England was established by the goldsmiths of London, who began storing gold and silver for wealthy merchants in the 17th century.

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Spain has a long banking history, with the Bank of Spain being founded in 1782 as the Banco Nacional de San Carlos.

The Bank of Spain was initially a privately owned bank with close ties to the Spanish kingdom, and it was given the right to create currency based on royal debt.

In 1922, the Bank of Spain was officially made the country's central bank.

The bank became part of the European System of Central Banks in 1999, after the euro became the currency of the EU.

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The Bank of Spain has a rich history that spans over two centuries, and it has played a significant role in shaping the country's financial landscape.

It's worth noting that the Bank of Spain is still an important institution in Spain today, and it continues to serve as the country's central bank.

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