Institutions

Bank Basics: A Short History of Financial Institutions

Posted by on September 07, 2010
Financial services / No Comments

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Excerpt: For centuries, banks have influenced the economies and politics of the world. Traditionally, banks originated as places where businesses could secure loans to purchase inventory, and thereafter collect the funds with interest once the goods were sold. The origin of the word bank is derived from the Italian word, “banco” or desk. During the Renaissance, Florentine bankers conducted their transactions above desks covered in a green tablecloth. It has been speculated the earliest banks were actually religious temples in the ancient world, where deposits of grain and other goods were made. Considered sacred places, these temples were well protected from potential…

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