History Of Banking And Banks In Malta

History of Banking

History of Banking takes us back to 2000 BC, mainly in Assyria and Babylonia where the first prototype banks of Merchants granted grain loans to farmers and traders that were transferring goods between cities. This has continued in ancient Greece and during the Roman Empire where lenders located in temples granted loans and included some changes such as that of receiving deposits and exchange of money. At that time temples were considered as the safest place to store valuable tangible assets.

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During Medieval and early Renaissance Italy, northern cities such as Florence, Venice, and Genoa had already had a modern sense of the term Banking. Merchant Banks, that were the original Banks were invented in the middle ages by Italian grain merchants.