# Banca Monte dei Paschi di Siena
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Who / What
Banca Monte dei Paschi di Siena (MPS) is an Italian bank with a rich heritage, operating as both a financial institution and a cultural landmark. It traces its origins to a historical mount of piety established in 1472, evolving into the oldest continuously operating bank in the world.
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Background & History
Banca Monte dei Paschi di Siena was founded in **1624** as part of a religious foundation (*monte di pietà*) created in **1472** in Siena, Italy. Initially serving charitable and financial purposes, it expanded into banking over centuries. In **1995**, the bank transitioned from a statutory corporation to a limited company (Banca MPS). Its long-standing legacy includes adapting to economic shifts while maintaining its role as a pillar of Italian finance.
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Why Notable
MPS holds global significance as the world’s oldest bank, with over **554 years** of continuous operation. After acquiring Mediobanca in **2025**, it became Italy’s third-largest bank by assets, reinforcing its economic influence. Its cultural and historical weight—rooted in Siena’s past—also makes it a symbol of Italian banking heritage.
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In the News
As of recent developments (post-2024), MPS continues to evolve under strategic transformations, including its acquisition of Mediobanca. Its resilience amid financial challenges and expansion into major markets underscores its enduring relevance in Italy’s banking sector.
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Key Facts
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