OREANDA-NEWS. April 12, 2011. Bank SNORAS has begun cooperation with the oldest bank in the world and one of the largest registered banks in the Republic of Italy “Banca Monte dei Paschi di Siena” S.p.A. The cooperation will also comprise executing settlements in euros, seeking to more effectively perform the clients' transfers and to help optimizing the bank customers' partnership with the Italian business partners, reported the press-centre of Bank SNORAS.

“We rejoice over the beginning of successful cooperation with the prestigious Italian bank “Banca Monte dei Paschi di Siena” which fosters the deepest traditions of banking. It is the bank which chooses partners very carefully while assessing not only their financial indicators but also their executable internal procedures in the sphere of customer due diligence as well as reputation. Correspondent relations with “Banca Monte dei Paschi di Siena” will ensure even more qualitative and faster Bank SNORAS customer service provision, whereas, seeking to maximally and as effectively as possible satisfy needs of Bank SNORAS clients, we will endeavour to expand the cooperation spheres with this bank,” says Naglis Stancikas, the First Vice President of Bank SNORAS.

Presently Bank SNORAS has more than 50 correspondent banks from 27 countries worldwide. The bank processes transfers of 18 different currencies.

The bank “Banca Monte dei Paschi di Siena” was founded in 1472 in the then Republic of Siena and it is the financial institution which has been providing the banking services for the longest period of time in the world. At the moment the bank's group is in the third position in Italy according to the size, the bank's assets (as of 30 09 2010 data) are EUR 242,5 billion. The activity of the bank “Banca Monte dei Paschi di Siena” comprises a wide spectrum of banking and financial services – all services of traditional banking as well as services of financial mediation, insurance, investment, etc. “Banca Monte dei Paschi di Siena” manages over 1900 branches in Italy and in the largest global and financial centres. Since June 1999, the shares of “Banca Monte dei Paschi di Siena” have been traded at the Italian stock exchange “Mercato Telematico Azionario”.