Banking in Italy has, as of 11 October 2008, an average leverage ratio (liabilities/assets) of 12 to 1, while the banks's short-term liabilities are equal to 86% of the Italian GDP or 43% of the Italian national debt.
The origins of modern banking can be traced to medieval and early Italian Renaissance, to the rich cities in the north like Florence, Lucca, Siena, Venice and Genoa. The Bardi and Peruzzi families dominated banking in 14th-century Florence, establishing branches in many other parts of Europe. One of the most famous Italian banks was the Medici Bank, set up by Giovanni di Bicci de' Medici in 1397. The earliest known state deposit bank, Banco di San Giorgio (Bank of St. George), was founded in 1407 at Genoa, Italy, while Banca Monte dei Paschi di Siena, founded in 1472, is the oldest surviving bank in the world. Unicredit is one of the largest bank in Europe by capitalization and Assicurazioni Generali is the seventh in the world by total assets
The first state deposit bank was the Bank of St. George in Genoa, which was established in 1407.