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Three years passed without a bank, and then the Senate passed essentially the same act again. This bank, the Banco della Piazza di Rialto, was a full-reserve bank guaranteed and inspected by the state that dealt only in deposits and transfers. Cheque service was added in 1593 with a law that required citizens to settle all bills of exchange at ...
The Banco del Giro on Rialto Square by Gabriele Bella (c.1780s), Pinacoteca Querini Stampalia. The Banco del Giro (Venetian: Banco del Ziro), also Banco Giro or Bancogiro, sometimes referred to in English as the Bank of Venice, was a public bank created by the Republic of Venice.
The Republic of Venice, sometimes mistakenly credited with establishing a Bank of Venice in the 12th century, did not formally create a public bank until 1587. However in the 13th and 14th centuries its Grain Office did a banking business that included both deposits and lending. [ 133 ]
The Republic of Venice was active in the production and trading of salt, salted products, and other products along trade routes established by the salt trade. Venice produced its own salt at Chioggia by the seventh century for trade, but eventually moved on to buying and establishing salt production throughout the Eastern Mediterranean ...
Although he was a recognized expert in economic matters, a letter he wrote concerning the Bank of Venice on 28 August 1602 sparked a controversy that marred his last months. He died in Venice on 25 January 1603 after eleven days of fever. He was buried in the Carmini. His funerary monument depicts him as a Captain General of the Sea.
The earliest known state deposit bank, Banco di San Giorgio (Bank of St. George), was founded in 1407 in Genoa, Italy, [8] while Banca Monte dei Paschi di Siena, founded in 1472, is the oldest surviving bank in the world.
A factor was dispatched to Venice to seek out investment opportunities. He did well and on March 25, 1402, the third branch of the Medici bank was opened. It suffered from some initial mismanagement (by the factor who had previously done so well—he made the fatal mistake of violating the partnership agreement and loaning money to Germans; on a more humane note, he would eventually become a ...
The Warburg family is a prominent German and American banking family of German Jewish and originally Venetian Jewish descent, noted for their varied accomplishments in biochemistry, botany, political activism, economics, investment banking, law, physics, classical music, art history, pharmacology, physiology, finance, private equity and philanthropy.