History of Savings bank in Timeline
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.
1913: Government Savings Bank Established
The Government Savings Bank in Thailand was established in 1913.
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.
1971: National Savings Bank Established
The National Savings Bank in Sri Lanka was established in 1971.
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
The Postal Savings Bank of China was established in 2007.