The Legacy Lesson of Europe’s Most Prestigious Banking Dynasty

Renowned not only for revolutionizing the finance-banking industry, but also for being the wealthiest dynasty in Europe, this family has also played a significant role in sponsoring the arts and architecture. They have created invaluable legacies that have stood the test of time, promoting sustainable development and eternal endurance.

0
68

The Medici family is a banking family and a dominant power in many political dynasties in Italy. Originating from a trading family in Tuscany, the Medici family pioneered the establishment of the first bank in 1348 and officially became a financial conglomerate – a bank in 1397, when each region on this continent was still using a different currency.

Giovanni de Medici – founder of the Medici Bank – is the one who popularized the double-entry bookkeeping method, both debit and credit, to create an overview of the cash flow of the business, thereby making smarter financial decisions. Along with the double-entry bookkeeping method, Medici used the letter of credit, allowing international trade to thrive at that time. The Medici family also pioneered the establishment of bank branches. At the height of the family’s power, one can find Medici Bank branches in major cities across Europe. Thanks to the creation of new financial advances and solutions, Medici became the most powerful financial conglomerate – bank in Europe for nearly 100 years.

In addition to the important heritage left to the banking and finance industry, the Medici family also laid the foundation for cultural prosperity in Florence. The Medici family turned Florence not only into a financial center – bank of all of Europe but also into the cradle of world art.

It is no coincidence that the “Golden Age” of the Medici Bank coincides with the important period of the Renaissance, called the Quattrocento (an Italian term meaning “the years 1400”). The Medici family spared no expense in sponsoring both philosophers and literary critics, poetry, and art.

Donatello, Brunelleschi, Botticelli, Michelangelo… are world-renowned leading artists who received the support of families like the Medici. The ability to promote the culture of that time was highly valued. These artists, along with their works, are the assets left behind, the eternal praise for patrons like the Medici family.

The Medici family has left an indelible mark on the architectural landscape of Florence, through the delegation of the construction of iconic works such as the Medici Riccardi Palace, the Palazzo Vecchio, and the famous Uffizi Gallery. These architectural masterpieces are the center of culture, reflecting the Medici family’s respect for beauty and the pursuit of intellectualism. Priceless frescoes still remain in this beautiful city, dense and magnificent, especially at the former palace of the “untouchable Medici royal”.

Not only that, recognizing the importance of knowledge and education, the Medici family also established libraries and academies, including the famous Laurentian Library. These organizations became gathering places for scholars and intellectuals, promoting the exchange of ideas and making Florence a leader in intellectual thought during the Renaissance.

According to the authors of “The Western Experience,” “humanism became a rallying cry for the wealthy intellectual leaders of Florence. Florence connects their present city with the revival of old values”. At that time, the University of Florence was the most prestigious university in Europe, by continuously inviting scholars from all over the world to give lectures. And Florence at that time was the cultural capital of Europe.

The journey of creating the heritage of the Medici family – the Medici bank later became an inspiration for many businesses in the banking and finance sector worldwide. Paris and London later became art centers largely thanks to financial forces such as the Rothschild family, the Barings Bank, and Credit Mobilier.

In Vietnam, the number 1 private bank in Vietnam has also launched two office buildings in Hanoi and Ho Chi Minh City on the occasion of the 30th anniversary of its establishment [1993-2023], with the expectation of creating new architectural heritages for bank buildings in the cities. The Head Office building of Techcombank Quang Trung Hanoi combines modern design with the distinctive architecture of Indochina, blending with the delicate features deeply rooted in the historical space of Hanoi’s Old Quarter. Meanwhile, the Headquarters building at Le Duan, Ho Chi Minh City makes its mark with the characteristic dynamic and open spirit of the economic center of the South.

It is worth mentioning that both Techcombank headquarters were designed by the world’s leading design firm Foster + Partners. This is also the design firm that has created architectural icons such as the Apple headquarters in the US, Wembley Stadium in the UK, and the HSBC Bank in Hong Kong…

“Like the transcendent heritage creation by the Medici financial family in Florence, or Rothschild in London, I think that the measure of wealth is not simply the material assets one has but how they contribute to creating value for society. Therefore, the mission of Techcombank is not only to lead the digital transformation of the financial industry, to provide momentum for sustainable development, but also to contribute to building cultural values, art. This is why Techcombank’s headquarters buildings have been invested to be the most modern, designed by the world’s leading design firm Foster & Partners, yet they must preserve and promote cultural architectural heritage in each of the cities we inherit,” shared a high-ranking member of Techcombank’s Board of Directors.

According to him, music, architecture, and art are enduring values. And the two new headquarters buildings that Techcombank builds are not only an investment for the bank’s future but also a way to create world-class art works, creating a mark of architectural heritage for Hanoi and Ho Chi Minh City.

In the luxurious and sophisticated space of the two new headquarters buildings, Techcombank also simultaneously launched Techcombank Private – a bank brand exclusively for special customer segments. With a class-aligned premium service and more than just a wealth management solution, Techcombank wants to accompany the priceless values that customers have created to become enduring heritage for generations.

Specifically, Techcombank Private provides specialized services for customers with a minimum total asset value of USD 1 million or a total financial relationship value at Techcombank of VND 25 billion, averaged over 03 consecutive months. The service includes a combination of all financial and non-financial management solutions such as investment, inheritance planning, residency procedures, and health care.

Not only the premium service center (Private Banking Lounge) located at the main transaction points, stretching from the headquarters to the branches, from the North to the South, customers are also served by a team of specialists who are high-level asset management directors with high professional qualifications, meticulously trained by leading international consultants. The bank is not simply a place to manage assets but also a companion for customers.

In addition, there are many privileges designed exclusively for Techcombank Private customers such as: profit-generating investment privileges, increasing prosperity through high-quality bond networks of reputable companies, participating in global business connection events within the Techcombank ecosystem; being granted a daily transfer limit of up to VND 20 billion; enjoying the preferential rights of the Techcombank Private Visa Infinite international credit card with high credit limits, the right to use unlimited business class lounges at international airports.

Customers will also experience the premium service through the Techcombank Private debit card, with travel insurance worth up to VND 10.5 billion and a 10% discount at exclusive events of premium brands in the Tam Son system. In addition, there are some home services on request by customers.

“I think that the measure of each person is not how much assets they have, but how they contribute to creating value for society. This is also the reason why Techcombank’s headquarters buildings have been invested to be the most modern, designed by the world’s leading design firm Foster + Partners, yet they must preserve and promote cultural architectural heritage in each city that we inherit” – a senior leader of Techcombank emphasized and confirmed, the mission of Techcombank is not only to lead the digital transformation of the financial industry, to provide momentum for sustainable development, but also to contribute to building cultural and artistic values for the community and Vietnamese society.

Hoang An

Hai An

SOURCEcafef
Previous articleHow much is a stake of 500,000 VND worth?
Next articleSeABank records pre-tax profit of over 4,600 billion dong in 2023, with strong CASA growth