After you read this post, you shall know 5 banks that are older than any banks in the world include a bank where you save your money right now. Bank is an old institution and some already instituted since colonization was legal. Let’s check out those 5 oldest bank in the world or you can say the longest operation bank in the world
5. Bank of New York/ Bank of New York Mellon
Operation: 227 years
Bank of New York was initiated by a respected lawyer Alexander Hamilton. It is the first bank in the America and older than the age of New York Stock exchange. It is the first company that was listed in New York Stock Exchange that was opened in 1792. In 2007, the oldest bank in New York and America was acquired by Mellon Financial Corporation and the name is changed to Bank of New York Mellon
2. Bank of Scotland/ Halifax Bank of Scotland
Founded: Edinburgh, Scotland in 1695
Operation: 316 years
Historically, Bank of Scotland was the first bank in Scotland that printed paper money in the country. It was designed to facilitate business sector in Scotland in 17th century. It is the only financial institution that was build by Scotland parliament and it was joined with Bank of Halifax in 2001 and since then, Bank of Scotland has changed to Halifax Bank of Scotland.
3. C. Hoare & Co
Founded: London, England, in 1672
Operation; 339 years
Sir Richard Hoare is the founder of the bank and the bank is still managed by the descendants of Sir Richard Hoare himself up to now. During World War II, the workers of the bank were evacuated but the building almost burned into ashes. Luckily, view workers return to the bank and saved the building from a complete devastation.
4. Berenberg Bank
Founded: Hamburg, Germany, in 1590
Operation: 421 years
Hans and Paul Berenberg were successful textile exporters and importers from Hamburg Germany. Because the economy of Hamburg was booming that time, they instituted a banking system and the bank grew rapidly following the economic growth of the city. Big and small merchants from the city, other country, include Dutch saved their money on Berenberg Bank. Today, Barenberg has spread across Europe and remains the oldest private bank in Germany.
5. Banca Monte dei Paschi
Founded: Siena, Italia, in 1472
The longest and oldest bank in the world
Operation: 539 years
At first, it was called Monte di Pieta or Monte Pio because it gave loan and donation to the poor. It is the longest operation bank in the world and oldest bank in the world. To get the loan from the bank, people in Sienna used to grant their farm land and other property. It was why the bank changed the name to “Monte dei Pasch” which is referenced to Land. This time, Banca Monte dei Paschi is available in many locations in Italy.