Economic and social developments in the 19th century called for great changes in the banking system.

The construction of the railways, the electricity network and industrial expansion which all needed huge investment boosted the development of banks and insurance companies. The great industrial banks appeared in the second half of the century to finance these projects. These banks raised their capital from private shareholders.

Cooperative and savings banks sprang up to answer the needs of peasants and craftsmen, since the new industrial banks were not interested in making small loans.

The National Bank was established in 1907.