Amedeo Giannini started the Bank of Italy in a converted saloon in San
Francisco at October 17, 1904. On the first day, 28 deposits totaled
$8,780. When an earthquake struck in 1907, he ran his bank from a plank
in the street. Word quickly spread about his service and by 1916 he had
several branches.
By 1929, the bank was strong enough to withstand the
Great Depression stock crash. Giannini changed the name to Bank of
America in 1928 and remained chairman until 1963. The Bank of America
would become one of the largest banking institutions in the world but by
2008, due to poor management, had to receive government bailout. The
Bank of Italy in Italy was created in 1893 through the merger of 3 of
the 6 banks at the time: Banca Nazionale nel Regno d’Italia and 2 Tuscan
banks.
The Bank of England was founded by William Patterson after King
William III of England found himself badly in need of funds to fight a
war with France in 1694. Patterson provided the funds after the king
agreed to order all the goldsmiths of London to stop issuing receipts as
depositories for precious metals, forcing merchants to store their gold
with the new bank. The Bank of England was finally authorized in 1946
and to this day remains as an institution mainly to the benefit of the
rich.
Source:interestingtopics.net
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