As ancient civilizations like Babylon, Assyria, and Egypt engaged in financial transactions, the idea of banking has been around for thousands of years. It is, however, challenging to pinpoint exactly which institution opened its doors as the first bank in history.
The Bank of Venice, established in 1157 in Venice, Italy, was among the first banks ever recorded in human history. In addition to lending money to governments and people, the bank promoted trade between Europe and the East.
The Bank of Sweden, which was founded in 1668 and is still in operation as Sveriges Riksbank, is another contender for the title of the world’s first bank. The bank was established to promote the exchange of copper and other minerals, and it was also in charge of printing money.
It’s worth noting that the concept of banking has evolved over time, with many different types of financial institutions and practices emerging in different parts of the world. So, while it’s difficult to pinpoint a single “first” bank, there are several candidates that have played significant roles in the development of banking as we know it today.
