Leo Seiler is fond of telling the story of Amadeo Giannini, a microcreditor who over 100 years ago saved many farmers and small merchants when their region was racked by a severe earthquake and fires.

While other banks in the region struggled to provide extra finance in the aftermath of the quake – not least because the fires kept their vaults and the money therein too hot – Mr Giannini ran his simpler operation from his own rural home, making loans to those who travelled on foot or by horsecart to ask for credit in person.