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The Bank of England, established in 1694.

A bank is a financial institution that accepts deposits from the public and creates credit. Lending activities can be performed either directly or indirectly through capital markets. Due to their importance in the financial stability of a country, banks are highly regulated in most countries. Most nations have institutionalized a system known as fractional reserve banking under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, known as the Basel Accords.

Banking in its modern sense evolved in the 14th century in the prosperous cities of Renaissance Italy but in many ways was a continuation of ideas and concepts of credit and lending that had their roots in the ancient world. In the history of banking, a number of banking dynasties – notably, the Medicis, the Fuggers, the Welsers, the Berenbergs, and the Rothschilds – have played a central role over many centuries. The oldest existing retail bank is Banca Monte dei Paschi di Siena, while the oldest existing merchant bank is Berenberg Bank.

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In the news

19 November 2019 –
Amid continuing fallout over rape allegations against Prince Andrew, Duke of York, and controversy over his close friendship with convicted sex offender Jeffrey Epstein, several businesses—including British banking group Standard Chartered, KPMG, Aon and drug giant AstraZeneca—cut ties with the Prince. [email protected], an initiative founded by Prince Andrew to support entrepreneurs, removes its entire web page listing its supporters. (Yahoo! News) (CNN)
2 November 2019 – 2019 Hong Kong protests
Protestors vandalize numerous businesses, such as the headquarters of HSBC and the offices of Xinhua News Agency, and set fire to the entrance of numerous metro stations after police violently clashed with protestors earlier in the day. (Reuters)



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