Banking and financial system
The first "Final Report on the Activities and Trends in the San Marino Financial System" was presented in the Grand and General Council in December, 2006. The document was drawn up by the Central Bank of the Republic of San Marino, the institution which controls and vigils over the financial situation in the Republic. The report photographs the entire financial system: at the end of 2005, there are 42 Financial and Fiduciary companies operating in the territory; 12 Credit Institutes (with more than 50 branch offices and more to be opened in the near future).
In other words, in San Marino there is a bank for every 600 inhabitants (thus beating the record of the neighboring Rimini where there is a bank branch office every 1000 inhabitants). The San Marino banking system accumulated a total of 11,7 billion euro (6 bllion direct and 5,7 indirect). Lastly, occupational data indicates that the banking sector represents one of the most promising professional careers in today's working world in the Republic; during the two-year period, 2004-2005, 517 persons were hired by banking institutions, increasing the total number of employees by 11%.
Origins
The first bank was opened on Mount Titano in 1880 when SUMS – Society for Union and Mutual Succour - instituted the Cassa di Risparmio di San Marino (Savings Bank) which, even today, with its 16 branches, is the principal Credit Institute in the Country. The "Carisp" was founded as a non-profit institute: its original regulation of 1882 declared the noble intent to "promote the spirit of economy and future security in the working class and assist it in times of need". It is only until 1920 that two more Credit Institutions are opened in San Marino: Banca Agricola Commerciale della Republica di San Marino - "Bac"(Commercial Agricultural Bank of RSM) and the Cassa Rurale Depositi e Prestiti di Faetano (Rural Deposit and Loan Bank of Faetano) which as of 2001 has become the Bank of San Marino Spa. The "Bac" is the first Institute of Credit in San Marino founded on speculative ventures, while the Bank of San Marino, as well as the "Carisp", was founded as a "non profit", Christian-inspired institute. In fact, the founding partners of the "Bsm" cooperative bank were farmers, carpenters and even priests.
Opening an bank account today in San Marino
The procedures for opening a bank account in San Marino are no different than those in force in Italy. Proper identity documents are sufficient for immediate activation. Various banks already offer telebanking: for simple queries as well as for imparting instructions; and others are in the process of entering the internet.
Today
The four so-called "historic" banks are the oldest institutes and represent the financial reality of San Marino: Cassa di Risparmio, Banca di San Marino, Banca Agricola Commerciale and Credito Industriale Sammarinese, together with the State of San Marino, hold quotas in the Central Bank which vigils over the entire financial system. Since 1999, eight more Institutes of Credit have been officially acknowledged, thus completing the list of the twelve banks active in the territory. Following is the complete list of the "strong boxes" of Mount Titano (updated in 2006):
The "Historic Institutes"
Banca Agricola Commerciale della Repubblica di San Marino
1920 - today it has 10 branches.
President: Luigi Lonfernini; Director-General: Pier Paolo Fabbri
Main Office: Piazza Marino Tini, 26 - 47891 Dogana
Tel. 0549-871111
www.bac.sm
Banca di San Marino
1920, originally called Cassa Rurale Depositi e Prestiti Faetano, in 2001 renamed. Today it has 16 branch offices.
President: Fausto Mularoni; Director-General: Vincenzo Tagliaferro
Main Office: Strada della Croce 39 - 47896 Faetano
Tel. 0549-873411
www.bsm.sm
Cassa di Risparmio della Repubblica di San Marino
1880, today it has 16 branch offices.
President: Leone Sibani; Director-General: Luca Simoni
Main Office: Piazzetta del Titano, 2 - 47890 San Marino Città
Tel. 0549-872366
www.carisp.sm
Credito Industriale Sammarinese
1980, today it has 3 branches.
President: Franco Capicchioni; Director-General: Arnaldo Antonini
Main Office: Piazza Giovanni Bertoldi, 8 - 47899 Serravalle
Tel. 0549-8740 (Centralino)
www.cis.sm
Authorized Credit Institutes from 1999 onwards:
S.M. International Bank (ex Banca del Titano Spa)
April 26, 1999.
President: Franco Iachini; Director-General: Roberto Pietropaoli
Main Office: Via Alfonso Giangi, 16 - 47891 Dogana
Tel. 0549-970838
Istituto Bancario Sammarinese Spa
March 22, 2000, today it has 5 branch offices.
President: Giovanni Mercadini; Director-General: Gabriele Monti
Main Office: Via Tre Settembre, 99 c/o Admiral Point Center - 47891 Dogana
Tel. 0549-872011
www.ibs.sm
Banca Commerciale Sammarinese Spa
March 27, 2000, today it has 2 branch offices.
President: Emilio Della Balda; Director-General: Leo Marino Stacchini
Main Office: Via Cinque Febbraio, 17 - 47895 Domagnano
Tel. 0549-904280
www.bcs.sm
Euro Commercial Bank Spa
March 27, 2000, today it has 2 branch offices.
President: Carlo Pagani; Director-General: Giuseppe Guidi
Main Office: Strada dei Censiti, 21 (Rovereta) - 47899 Falciano
Tel. 0549-943711
www.ecb.sm
Banca Partner Spa
May 3,2002.
President: Aldo Loperfido; Director-General: Daniele Guidi
Main Office: Via Tre settembre, 99 - 47891 Dogana
Tel. 0549-943111
www.bancapartner.sm
Banca Sammarinese di Investimento Spa
May 29, 2002.
President Cda: Enzo Donald Mularoni; Director-General: Antonio Perini
Main Office: Via Consiglio dei Sessanta, 99 - 47891 Dogana
Tel. 0549-888801
www.bsi.sm
Asset Banca Spa
August 6, 2003. Today it has 2 branch offices.
President: Stefano Ercolani; Director-General: Barbara Tabarrini
Main Office: Via Tre Settembre, 210 - 47891 Dogana
Tel. 0549-943611
www.ab.sm
Credito Sammarinese Spa
August 20, 2003. Today it has 2 branch offices.
President: Lucio Amati; Vice President: Massimiliano Moscardi
Main Office: Via 25 Marzo, 71 - 47895 Domagnano
Tel. 0549-989411
www.creditosammarinese.sm
