Banca Monte dei Paschi di Siena: il fine di campanilismo?

For all the Italy-buffs out there it is a bit sad that one of the really old players in the financial world, Banca Monte dei Paschi di Siena, last week requested government aid to boost its capital ratio. Remember, we are talking about a 500-year old bank here! In fact, it is the oldest bank in the world, founded in 1472! That’s how serious this banking crisis has become. Not even the old institutions from the good old Medici age manage to sail through the turbulence unharmed, it seems.

The main branch is located in the beautiful old Palazzo Salimbeni building in central Siena. Unfortunately, a beautiful bank building is not enough, not even with today’s inflated Siena real estate prices! We are certainly living through extraordinary times….