The Banca Monte dei Paschi di Siena is the oldest bank in the world that is still open today.

The bank began on February 27, 1472. It was originally a charity called a 'Mount of Piety.' This type of organization lent money to poor citizens at very low interest rates. The bank used money earned from local pasture lands called 'Paschi' to back its loans.In 1624, the bank changed how it worked to act more like a modern business. It has stayed in the same building, the Palazzo Salimbeni, for over 550 years. This building is a famous Gothic palace in the center of Siena. The bank survived many wars and changes in the Italian government over the centuries.In 1995, the bank became a public company and grew across all of Italy. It faced major money problems after the global financial crisis in 2008. To keep it from closing, the Italian government gave the bank 5.4 billion euros in 2017. The government now owns most of the bank.Italy is the birthplace of many modern banking tools. Italian bankers created double-entry bookkeeping to track money accurately. They also used bills of exchange, which were early versions of paper checks. These inventions helped create the global banking system used by everyone today.