What is the name of the oldest bank still in operation, founded in 1472 in Italy?

The oldest bank still in operation, founded in 1472 in Italy, is Banca Monte dei Paschi di Siena.

Its history begins in Siena on March 4, 1472, when authorities approved a statute for a monte di pietà, a charitable lending institution created to provide affordable credit. It was not originally a modern commercial bank: such institutions commonly lent money against pledges and aimed to protect poorer borrowers from predatory interest rates.

The bank’s present form dates from 1624, after Siena became part of the Grand Duchy of Tuscany. Grand Duke Ferdinando II linked depositors’ security to income from state-owned pastures, called the paschi of Maremma; that association helped produce the institution’s modern name.

“Oldest bank” can be a tricky label. Banca Monte dei Paschi di Siena is generally described as the world’s oldest bank in continuous operation, while Berenberg Bank is often identified as the oldest merchant bank. The distinction rests on what kind of banking institution is being compared.