 Both Banco di Roma and Banco di Napoli also had branches in other parts of the region, in Eritrea and Ethiopia.On 1 July 1960, the newly independent Republic of Somalia established the "Banca Nazionale Somala" (National Bank of Somalia) to take over the activities of the Cassa per la Circolazione Monetaria della Somali and the Mogadishu branch of Banca d'Italia.The new bank combined central banking activities with commercial banking activities.