Bank of Saint George (Genoa)
Encyclopedia
The Bank or Company of Saint George was a financial institution
of the Republic of Genoa
. Founded in 1407, it was one of the oldest chartered bank
s in Europe
, if not the world. The bank's headquarters were at the Palazzo San Giorgio
, which was built in the 13th century by order of Guglielmo Boccanegra, uncle of Simone Boccanegra
, the first Doge of Genoa
.
, the Bank made use of a number of Jewish agents, including the Ghisolfi
clan that managed certain possessions around the Black Sea
.
The Bank was governed by four consul
s who administered its finances and directed investments. Because the Republic's ruling oligarchs were normally prominent in Bank politics, it is often difficult to determine where the Bank's influence ended and the Republic's began.
Many of Genoa's overseas territories were governed either directly or indirectly by the Bank. In 1453 the Republic handed over governance of Corsica
, Gazaria, and a number of other possessions to Bank officials, though over the course of the fifteenth century the Republic gradually reclaimed many of its territories from Bank control. The Taman peninsula
remained in the control of the de Ghisolfi family, but the princes of that clan now reported to the Bank.
The Bank lent considerable sums of money to many rulers throughout Europe during the fifteenth and sixteenth centuries, gaining widespread influence. Ferdinand and Isabella maintained accounts there, as did Christopher Columbus
. Charles V was heavily in debt to the Bank during much of his reign. Niccolò Machiavelli
maintained that the Bank's dominion over Genoa made possible the creation of a "republic more worthy of memory than the Venetian
."
In the seventeenth century the Bank became heavily involved in maritime trade, and for a time competed with such concerns as the Dutch East India Company
and the English East India Company.
After Napoleon invaded Italy, he suppressed independent banks, and this led to the Bank's closure in 1805.
Financial institution
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...
of the Republic of Genoa
Republic of Genoa
The Most Serene Republic of Genoa |Ligurian]]: Repúbrica de Zêna) was an independent state from 1005 to 1797 in Liguria on the northwestern Italian coast, as well as Corsica from 1347 to 1768, and numerous other territories throughout the Mediterranean....
. Founded in 1407, it was one of the oldest chartered bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
s in Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
, if not the world. The bank's headquarters were at the Palazzo San Giorgio
Palazzo San Giorgio
The Palazzo San Giorgio or Palace of St. George is a palace in Genoa, Italy. It is situated in the Piazza Caricamento....
, which was built in the 13th century by order of Guglielmo Boccanegra, uncle of Simone Boccanegra
Simone Boccanegra
Simone Boccanegra was the first doge of Genoa. His story was popularized by Antonio García Gutiérrez's 1843 play Simón Bocanegra and Giuseppe Verdi's 1857 opera Simon Boccanegra. Note the spellings....
, the first Doge of Genoa
Doge of Genoa
The Republic of Genoa, in what is now northern Italy, was technically a communal republic in the early Middle Ages, although it was actually an oligarchy ruled by a small group of merchant families, from whom were selected the Doges of Genoa.- History :...
.
Organization
A number of prominent Genoese families were involved in the establishment and governance of the Bank, including the Houses of Grimaldi & Serra. Unusually for its timeHistory of the Jews in Italy
The history of the Jews in Italy goes back over two thousand years. Jews have been present in Italy from the Roman period until the present.-Antiquity:-Pre-Christian Rome:...
, the Bank made use of a number of Jewish agents, including the Ghisolfi
Ghisolfi
De Ghisolfi was the name of a Genoese-Jewish family prominent in the late Middle Ages and the early Renaissance....
clan that managed certain possessions around the Black Sea
Black Sea
The Black Sea is bounded by Europe, Anatolia and the Caucasus and is ultimately connected to the Atlantic Ocean via the Mediterranean and the Aegean seas and various straits. The Bosphorus strait connects it to the Sea of Marmara, and the strait of the Dardanelles connects that sea to the Aegean...
.
The Bank was governed by four consul
Consul
Consul was the highest elected office of the Roman Republic and an appointive office under the Empire. The title was also used in other city states and also revived in modern states, notably in the First French Republic...
s who administered its finances and directed investments. Because the Republic's ruling oligarchs were normally prominent in Bank politics, it is often difficult to determine where the Bank's influence ended and the Republic's began.
Operations
Medieval Corsica
The history of Corsica in the medieval period begins with the collapse of the Western Roman Empire and the invasions of various Germanic peoples in the fifth century and ends with the complete subjection of the island to the authority of the Bank of San Giorgio in 1511.-Eastern Imperial...
, Gazaria, and a number of other possessions to Bank officials, though over the course of the fifteenth century the Republic gradually reclaimed many of its territories from Bank control. The Taman peninsula
Taman peninsula
The Taman Peninsula is a peninsula in the present-day Krasnodar Krai of Russia. It is bounded on the north by the Sea of Azov, on the west by the Strait of Kerch and on the south by the Black Sea. The peninsula has evolved over the past two millennia from a chain of islands into the peninsula it is...
remained in the control of the de Ghisolfi family, but the princes of that clan now reported to the Bank.
The Bank lent considerable sums of money to many rulers throughout Europe during the fifteenth and sixteenth centuries, gaining widespread influence. Ferdinand and Isabella maintained accounts there, as did Christopher Columbus
Christopher Columbus
Christopher Columbus was an explorer, colonizer, and navigator, born in the Republic of Genoa, in northwestern Italy. Under the auspices of the Catholic Monarchs of Spain, he completed four voyages across the Atlantic Ocean that led to general European awareness of the American continents in the...
. Charles V was heavily in debt to the Bank during much of his reign. Niccolò Machiavelli
Niccolò Machiavelli
Niccolò di Bernardo dei Machiavelli was an Italian historian, philosopher, humanist, and writer based in Florence during the Renaissance. He is one of the main founders of modern political science. He was a diplomat, political philosopher, playwright, and a civil servant of the Florentine Republic...
maintained that the Bank's dominion over Genoa made possible the creation of a "republic more worthy of memory than the Venetian
Republic of Venice
The Republic of Venice or Venetian Republic was a state originating from the city of Venice in Northeastern Italy. It existed for over a millennium, from the late 7th century until 1797. It was formally known as the Most Serene Republic of Venice and is often referred to as La Serenissima, in...
."
In the seventeenth century the Bank became heavily involved in maritime trade, and for a time competed with such concerns as the Dutch East India Company
Dutch East India Company
The Dutch East India Company was a chartered company established in 1602, when the States-General of the Netherlands granted it a 21-year monopoly to carry out colonial activities in Asia...
and the English East India Company.
After Napoleon invaded Italy, he suppressed independent banks, and this led to the Bank's closure in 1805.
Sources
- Gevurtz, Franklin A. "The Historical and Political Origins of the Corporate Board of Directors." The Berkeley Electronic Press, 2004.
- Giuseppe Felloni and Guido Laura, Genoa and the history of finance: A series of firsts? 9th November 2004, ISBN 88-87822-16-6 (the book can be downloaded at www.giuseppefelloni.it)
External links
- http://www.LaCasaDiSanGiorgio.it - official archives of the House and Bank of St. George