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November 5, 2024 | 01:40 pm
TEMPO.CO, Jakarta - Banks play a vital role in each country’s financial landscape, both at national and international levels. They gain the authority to supervise the nation’s financial and economic situations and establish regulations and policies to prevent challenges such as inflation.
Due to their importance, banks have been integral to certain countries for centuries. For example, Banca Monte dei Paschi di Siena is recognized as the oldest bank in the world, operating for over 550 years. To understand this topic better, let’s explore some of the oldest banks in the world, as cited from Cobalt and Oldest.org.
7 Oldest Banks in the World
1. Banca Monte dei Paschi di Siena
Located in Tuscany, Siena, Banca Monte dei Paschi di Siena consistently ranks as the oldest bank in the world. Founded in 1472, the bank was established to offer charitable loans at low interest rates to those who were "poor, miserable, or needy." Since its initiation, MPS has experienced various developments, including expansion into other regions and the acquisition of Banca Antonveneta.
Until today, Banca Monte dei Paschi di Siena has been operating for 552 years with more than 2,070 branches, establishing itself as one of the major banks in Italy.
2. Berenberg Bank
Having its headquarters in Hamburg, Germany, Berenberg Bank is recognized as the oldest merchant bank in the world. This privately owned bank has been operating for over 430 years under the descendants of the original founders, brothers Hans and Paul Berenberg. In addition to that, Berenberg Bank has never changed its logo, name, or legal identity since its establishment.
3. Sveriges Riksbank
Renowned as the world’s oldest central bank, Sveriges Riksbank was founded by Sweden’s parliament, the Riksdag, in 1668. It was originally named Riksens Ständers Bank, which then changed to Sveriges Riksbank in 1876. After the global crisis in the early 2000s, the bank shut down all its branches in Sweden and delegated the management of coins and banknotes to a private company.
4. C. Hoare & Co.
As one of the oldest banks in the world, C. Hoare & Co. was founded in 1692 by Sir Richard Hoare. Over the course of the 17th and 18th centuries, the bank was seen to have undergone significant evolution, including the adoption of modern banking practices. It operates only two branches in England and continues to be managed by Sir Richard Hoare’s family—the 10th and 11th generations. Additionally, C. Hoare & Co. is well-known as a private bank that serves high-net-worth figures, including notable clients such as Jane Austen and Catherine of Braganza.
5. Metzler Bank
Located in Germany, Metzler Bank features among the top historic banks, with the founding in 1674. It was started as a cloth trading business, which then transformed into a bank in 1760, with Friedrich Metzler as the first banker. This bank is renowned as Germany’s oldest bank, operated mainly by the Mitzler family alongside some external partners. Today, Metzler Bank continues to adapt to modern banking, as evidenced by the launch of mobile banking in 2010.
6. Barclays
Founded in 1690 in London, Barclays is one of the world’s largest and most prominent financial institutions. Originally established as a small goldsmith banking business, the bank has steadily evolved into a global powerhouse, expanding through numerous acquisitions of smaller banks across the UK. Today, Barclays operates over 4,700 branches both domestically and internationally, solidifying its influence in the banking sector.
7. Coutts
Another English bank, Coutts, was established in 1692 by John Campbell in London. However, the name was given by James Coutts, Campbell’s grandson-in-law, after he and his granddaughter died. It is known for being one of the most prestigious private banks in the world, providing banking services to wealthy merchants and members of the British aristocracy, including Queen Anne. Coutts remains a part of the Royal Bank of Scotland Group, continuing its legacy of excellence.
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