Medici Bank
Italian bank, 15th century / From Wikipedia, the free encyclopedia
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The Medici Bank (Italian: Banco dei Medici [ˈbaŋko dei ˈmɛːditʃi]) was a financial institution created by the Medici family in Italy during the 15th century (1397–1494). It was the largest and most respected bank in Europe during its prime.[1] There are some estimates that the Medici family was, for a period of time, the wealthiest family in Europe. Estimating their wealth in today's money is difficult and imprecise, considering that they owned art, land, and gold. With this monetary wealth, the family acquired political power initially in Florence, and later in the wider spheres of Italy and Europe.
 | |
| Industry | Financial services; Banking |
|---|---|
| Founded | 1397 |
| Defunct | 1499 |
| Fate | Liquidated |
| Headquarters | Florence, Republic of Florence (present day Italy) |
Key people | |
| Products | |
Number of employees | ~40 |
| Parent | Vieri di Cambio's bank |
| Subsidiaries | Branches in Rome, Venice, Milan, Pisa, Geneva, Lyon, Avignon, London, Bruges |
A notable contribution to the professions of banking and accounting pioneered by the Medici Bank was the improvement of the general ledger system through the development of the double entry system of tracking debits and credits or deposits and withdrawals.[2]
Giovanni di Bicci de' Medici established the bank in Florence, and while he and his family were influential in the Florentine government, it was not until his son Cosimo the Elder took over in 1434 as gran maestro that the Medici became the unofficial head of state of the Florentine republic.
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