Dating back to the Sumerians, there were wise folks – mostly traders – who lent money to farmers and cargo shippers. Later, the lending business in Ancient Greece, Ancient Rome and elsewhere in the vicinity was focused in temples, where wealthy people stored their coins more safely than in their homes.
 
A new development

After the collapse of the Roman Empire and the decrease in trading, banking came to a standstill. A major banking recovery and a leap in development took place in Italy during the Middle Ages and the Renaissance, especially in Florence. By that time, the latter had grown into a prosperous industrial town which had excellent access to the sea and sufficient water in order to promote industry thanks to the powerful river passing through it. The citizens grew prosperous and gained money that had to be safely kept or lent somewhere for a profit.

In the 14^th century, banking in Florence was mainly managed by the Bardi and Peruzzi families, both of which expanded their activities elsewhere in Europe. The oldest bank from this period still operating is the Monte dei Paschi di Siena, which has been active since 1472.

In the following centuries, banking spread from Italy to other parts of Europe. It found fertile soil in the 16^th century in southern Germany, with powerful banks rising in Augsburg and Nuremberg. From there, banking reached northern Europe and England. The entire system back then, however, still served only wealthy families – in current terms, this constituted private banking.
 
Banks for everyone

Retail banking developed alongside the middle class and is therefore a rather new development. As the role of the church weakened during the Enlightenment and faith in rational values grew, there was more talk of people having to take responsibility for their own lives. This responsibility also encompassed financial independence.

In the 19^th century, savings banks became increasingly popular, where even simple folk were urged to deposit their savings. These savings banks are the predecessors of modern retail banking.
 
Our private banking in the Baltics

Although the history of Luminor cannot yet be measured in centuries, our private banking teams boast successful years of experience.

• In Latvia, we have provided private banking services for 11 years, and during this time, our bank has been named the best private banking provider in Latvia five times. The team of our southern neighbours comprises 18 members whose average work experience in banking is nine years.
• We have been providing private banking services in Estonia since 2008 and the international financial magazine Euromoney has named us the best private banking service provider in the Nordic Baltic counties based on surveys carried out in 2012 and 2014. Our current team consists of nine members, each with professional work experience of approximately 15 years.
• Lithuanian clients have been able to enjoy our private banking services since 2012. Their team consists of eight members.

We are committed to aiding entrepreneurs and entrepreneurial clients in order to help them reach their goals. We are curious, cooperative and extremely focused. We are always available for our clients. We are able to find the most suitable and up-to-date solutions based on the needs of every single client. Our experience and efficient operations on financial markets give our clients the freedom and focus to carry out their activities within the time period that best suits them, while we keep their financial matters in the best possible state. Just as in history, we provide our wealthy clients the support they need to reach their goals.