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The oldest existing retail bank is Banca Monte dei Paschi di Siena (established in 1472), while the earliest existing merchant bank is Berenberg Bank (founded in 1590).  Found Here  [edit] This area requires expansion. You can help by adding to it. The concept of banking might have begun in ancient Assyria and Babylonia with merchants using loans of grain as  collateral within a barter system.

Today age of banking can be traced to middle ages and early Renaissance Italy, to the rich cities in the centre and north like Florence, Lucca, Siena, Venice and Genoa. The Bardi and Peruzzi households controlled banking in 14th-century Florence, developing branches in numerous other parts of Europe. Giovanni di Bicci de' Medici established among the most popular Italian banks, the Medici Bank, in 1397.

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George), in 1407 at Genoa, Italy. Fractional reserve banking and the concern of banknotes emerged in the 17th and 18th centuries. Merchants began to store their gold with the goldsmiths of London, who had personal  vaults, and who charged a charge for that service. In exchange for each deposit of precious metal, the goldsmiths issued invoices certifying the quantity and purity of the metal they held as a bailee; these receipts could not be appointed, only the original depositor could collect the stored goods.

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Hence by the 19th century we find" [i] n ordinary cases of deposits of cash with banking corporations, or lenders, the transaction amounts to a mere loan or mutuum, and the bank is to restore, not the same cash, but a comparable sum, whenever it is demanded". and" [m] oney, when paid into a bank, ceases entirely to be the cash of the principal (see Parker v.

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Considering that the promissory notes were payable on need, and the advances (loans) to the goldsmith's clients were repayable over a longer time-period, this was an early form of fractional reserve banking. The promissory notes became an assignable instrument which could flow as a safe and convenient kind of money backed by the goldsmith's promise to pay, [] permitting goldsmiths to advance loans with little danger of default. [] Hence the goldsmiths of London became the forerunners of banking by creating new cash based upon credit.