1472
Monte dei Paschi di Siena, the oldest bank in the world, originated in 1472 as a Monte Pio (pawn agency) at the behest of the Magistracies of the Republic of Siena and was expressly instituted to give aid to the more underprivileged classes of the population during a time of particular hardship for the local economy. Its activity, continuing the great commercial and banking traditions of the city of Siena, evolved rapidly towards classical banking, especially after the reforms of 1568 and 1624.