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The world's oldest bank

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Founded in 1472, Monte dei Paschi di Siena is now the parent company of Italy's third largest banking group, MPS. It began as a Pawnbrokers (Mont de Pieta) for the benefit of the lower classes in Siena. It has undergone some major changes over the centuries both in terms of size and functionality. One change of great significance came in 1995 when the then Minister of the Treasury decreed that the bank be divided into two entities; the Fondazione Monte dei Paschi di Siena, and the Banca Monte dei Paschi di Siena. The former has its main focus on matters of aid, charity and social benefit in the form of scientific research, education, healthcare, and the arts.

In fact, the art collection of "il Monte" is quite remarkable, with pieces hailing from every successive century from the 14th through to the 1800's. Such an extensive collection demonstrates their commitment to creating and maintaining cultural and social ties with their customers as well as financial and professional ones.

The bank follows a shared set of values which permeate all their endeavours, with the overall aim towards the creation of value over time for their stakeholders. An ethic of responsibility, an emphasis on entrepreneurship and productivity, and an orientation towards the customer are pivotal traits of the group as a whole.

They have come a long way since their days as a pawn-breakers in the 15th century. Their global presence (they have opened branches in New York, Frankfurt, Singapore, and London) and situation at the forefront of banking technology (they have recently installed a third solar energy ATM machine in Siena, as well as implementing ground-breaking ATM software into into kiosks) makes them a truly inspirational banking institution, whose survival and growth over the past 538 years has been largely due to their ability to adapt to and overcome the fiscal and societal changes taking place throughout their tenure.

 

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