bank

Financial institution that uses funds deposited with it to lend money to companies or individuals, and also provides financial services to its customers. The first banks opened in Italy and Cataluña around 1400.

In 1900, half of the world's top ten banks were British; by 1950, the dominant banking nation had become the USA, with half of the world's top ten banks based there. In terms of assets, seven of the world's top ten banks in 1988 were Japanese.

A central bank (in the USA, the Federal Reserve System) issues currency for the government, in order to provide cash for circulation and exchange. A savings bank serves personal accounts and is licensed by the state in which it and its branches may operate. A commercial bank may have branches throughout the nation, since it services businesses, and sometimes becomes an international institution. There are also various forms of both public and private savings and loan companies that are called banks.

The world's largest financial institution was formed in New York after Citicorp and the Travelers Group Inc agreed in April 1998 to merge. The new company, called Citigroup, had more than 100 million customers in 100 countries. Also in April 1998, BankAmerica and NationsBank merged to form the largest bank in the USA, BankAmerica, with more than $520 billion in assets.