Q:

What was the first bank in the world?

A:

Quick Answer

The world's first bank on record was the Taula de la Ciutat, which opened in Barcelona in 1401. Banking practices can be traced back to the Roman Empire.

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What was the first bank in the world?
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Full Answer

The Taula de la Ciutat opened in Barcelona in 1401 to act as a treasury resource for the Catalonian government. The bank is on record as the first official bank in the world, although the practice of banking has been traced back for several centuries.

The oldest continually operating bank in the world is Banca Monte dei Paschi di Siena, which has been operating as a bank in Italy since 1472. It was originally named The Monte di Pieta. The original goal of the bank was to offer charitable loans to the poor. The bank continues to operate today and has branches throughout Italy.

Other longstanding banks include Berenberg Bank, which has been operating in Germany since the 16th century, and C. Hoare & Co., which was founded in London in 1672. Bank of New York, which is now known as Bank of New York Mellon was founded in 1784.

Sources:

  1. mint.com
  2. ft.com

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