Comment: Oldest Bank in the World Closing Operations. 1467 - 2013. RIP.

(See in situ)

Oldest Bank in the World Closing Operations. 1467 - 2013. RIP.

Banca Monte dei Paschi di Siena SpA History

Key Dates: 1467 - 2013. RIP.

  • 1467:The first monte di pieta (nonprofit bank), designed to end usury by providing low interest loans, is created.
  • 1472: The city-state of Siena establishes its own Monte di Pieta.
  • 1624: After Siena becomes part of the Grand Duchy of Tuscany, the bank changes its name to Banca Monte dei Paschi di Siena (BMPS).
  • 1900s:The unification of Italy encourages BMPS to expand into the region around Siena.
  • 1929: BMPS first steps into the national market by acquiring control of Banca Toscano.
  • 1990: Company begins new expansion period, acquiring a number of small banks in Sicily and Lombardy, and taking controlling interest in Mediocredito Toscano and Istituto Nazionale per il Credito Agrario.
  • 1992: Cassa di Risparmio di Prato is acquired; the joint venture Monte Paschi Vita is formed with Crédit Agricole.
  • 1994: Company establishes an assets management business, Ducato Gestioni.
  • 1995: BMPS converts its status to that of a joint-stock company.
  • 1999: BMPS goes public on the Borsa Italiana; full control of Banca Mantovana is acquired.
  • 2000: Company acquires Banca del Salenta.
  • 2002: BMPS abandons merger talks with Banca Nazionale del Lavoro.
  • 2004: BMPS is Italy's fifth largest bank with 1,800 branches and assets of more than EUR 120 billion.

Game Over.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul