Why Italians like old things has fascinated me since I learned that the oldest bank in the world is in Italy.  Banca Monte dei Paschi was founded in 1472 in Siena.  Today, it’s not only still in business but is Italy’s 3rd largest bank.

Its very name is old-fashioned “Mountain of the Pastures” harking back to an agricultural era—lending to shepherds, perhaps.  But surviving 554 years required a bit more diversification.  For much of its history Banca Monte played it safe until 2008 when it succumbed to the global financial crisis and started dabbling in “derivatives” (don’t ask me what these are!).  Thirteen bank officers went to jail, and the Italian government had to bail out the bank twice, in 2013 and 2017.  It has since recovered handsomely enough to acquire Italy’s Mediobanca for $19 billion—a young upstart from 1946.  Sadly for us, the one branch Banca Monte had in the U.S., in Manhattan closed in 2018.  I would have loved having a checking account there.  Who would refuse even a post-dated a check from a bank founded in 1472?

If you think Banca Monte is an old company here’s a list of Italian companies still kicking from the Middle Ages, many still run by the original families:

Pontificia Fonderia Marinelli (Founded in A.D. 1040)  Located in Agnone in the region of Molise, this is widely considered Italy’s oldest family business. Need a church bell, or any kind of bell?  This company has supplied the Vatican and churches around the globe since the Middle Ages. 

Barone Ricasoli (Founded in 1141)  A historic producer of wine and olive oil based in Siena, Tuscany. The Ricasoli family, still residing in Brolio Castle, traces its roots to a Longobard noble under Charlemagne.  A Ricasoli served as Prime Minister in the reunited Italy in the 19th Century.

Barovier & Toso (Founded in 1295) Based on the island of Murano in Venice, this company is world-renowned for its high-end artistic glassmaking, including crystalline and mother-of-pearl glass.  They probably produced the glass beads Columbus traded with natives.

Torrini Firenze (Founded in 1369) Originally armorers for Florentine knights.  Their logo still has a spur in it.  The Torrini remain in charge, now overseeing goldsmiths and makers of fine jewelry sold around the world.

Marchesi Antinori (Founded in 1385) One of the most famous names in Italian wine, the Antinori family has been in the business for 26 generations.  They are a central figure in the Tuscan wine industry. “Ancient family roots play an important part in our philosophy but they have never hindered our innovative spirit.” –Piero Antinori

Camuffo (Founded in 1438) Started in Crete, then a Venetian colony, it has supplied vessels to Napoleon and the Venetian Republic.  Today it makes yachts.

Grazia Deruta (Founded in 1500)  A manufacturer of traditional majolica (glossy and colorful) ceramics based in Deruta, region of Umbria, is now selling its products globally.

Fabbrica D’Armi Pietro Beretta (Founded in 1526)  One of the world’s most famous firearms manufacturers, Beretta has been run by the same family for 15 generations.

Cartiera Mantovana (Founded in 1615)  A paper manufacturing company in Mantua, Lombardy, that received its initial privilege to sell paper from the Duke of Mantua in the early 17th century. Italians overtook the Chinese and the Arabs in the art of papermaking well before this with the invention of a specialized hydraulic hammer mills and gelatin coatings.  They also invented watermarks to identify quality paper.  (Here’s a fact: before Italian paper innovations replaced parchment, some 200 sheep had to be slaughtered to produce one Bible.  Vellum is derived from vitello the word for veal or calf skin, ugh!)

So, if you’re wondering why you and your relatives hang on to old things, it’s gotta be in our DNA. –JLM