The first recorded bank in the world was the Bank of Babylon, which was established in ancient Mesopotamia in the 18th century BC. The Bank of Babylon was a temple that served as a financial institution, and it was responsible for the issuance of loans and the storage of valuable items. The ancient Greeks also had financial institutions that functioned as banks, such as the Temple of Apollo at Delphi, which accepted deposits and issued loans.The modern concept of a bank, however, developed in medieval Italy with the creation of the Medici Bank in 1397. This bank was the first to offer banking services to the general public and to engage in a wide range of financial activities, such as currency exchange, lending, and money transfer.
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