History of Banking

Banking goes way back, many years before Christ.  The first banks were like supermarkets, but instead of selling merchandise, it loans. At first, loans were given to farmers and traders who travel from a city to another. The banking industry was founded in Assyria and Babylonia. Owners who lends money, only lends farmers and traders not any one. But also lenders added two important innovations: accepting deposits and changing money. In the Ancient Greece, Pythius is the person who operated as a merchant banker throughout Asia Minor at the beginning of the 5^th century, and he’s the first individual banker of whom we have records. Loans before are hard to lend because there is no security, also hard to trust. This is the big reason why lenders do not lend people, only for farmers and traders, because they are the only people who have income.

Reference

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Banking Origin and Development . (n.d.). BAnk and Banking. Retrieved March 13, 2006, from www.investmentsandincome.com/banks-banking/banking origin.html

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