More than five centuries on, however, historical pedigree and longevity are counting for little for Monte dei Paschi di Siena, the world's oldest bank.

Having endured murderous feuds between Italian city states, fascism under Mussolini and two world wars, the venerable bank has become the latest European financial institution to be swept up in the continent's economic crisis.

The bank, Italy's third biggest and for centuries a symbol of Siena's wealth and prestige, announced a few days ago that it lost €1.6 billion in the first half of this year.