Savings banks are financial institutions that prioritize collecting savings deposits and investing them conservatively for interest income, rather than maximizing profits. Historically, they have been a distinct category primarily in Europe.
1904: People's Own Savings Bank Established
The People's Own Savings Bank was established in Zimbabwe in 1904.
1914: Disputed Origins
In 1914, the New Student's Reference Work acknowledged that the origins of savings banks were a subject of debate.
1918: Caisse d'Épargne de Madagascar Established
The Caisse d'Épargne de Madagascar was established in 1918.
1924: World Savings Banks Institute Founded
The World Savings Banks Institute (WSBI) was founded in Milan in 1924.
1931: European Banking Crisis
The European banking crisis of 1931 had a relatively smaller impact on savings banks compared to commercial banks.
1949: WSBI Relocates to Amsterdam
The World Savings Banks Institute (WSBI) relocated to Amsterdam in 1949.
1963: European Savings Banks Group Established
The European Savings Banks Group was established in 1963.
1969: WSBI Moves to Geneva
The World Savings Banks Institute (WSBI) moved to Geneva in 1969.
1994: WSBI Settles in Brussels
The World Savings Banks Institute (WSBI) established its presence in Brussels in 1994.
1999: People's Own Savings Bank Renamed
The People's Own Savings Bank in Zimbabwe was renamed in 1999.
2007: Postal Savings Bank of China Established
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