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Bankalar Caddesi, which translates to Banks Street, was the financial heart of Constantinople during the Late Ottoman period.
Introduction to Bankalar Caddesi
Bankalar Caddesi, also known as Voyvoda Street (Voyvoda Caddesi), is located on the border of Karaköy and Galata. Several prominent banks, insurance companies, and financial institutions were headquartered there. It’s a great place to explore if you’re into architecture and history.
In this post, I’ll write about the important buildings along the street. I’ll start on the north side of the street from Karaköy Square heading west, then walk east back to the square to finish with the buildings on the south side of the street. I’ve listed the street number after the name of each building. I’ll only list buildings that are historically significant or that have caught my eye.
Minerva Han (#2)
At the eastern end of Bankalar Caddesi on Karaköy Square is Minerva Han. It was built in 1913 as the Bank of Athens by Ottoman Greek architect Vasilios Kouremenos. In 1923, after the Greco-Turkish War, the building was seized by the Turkish government and was sold to Deutsche Bank in the 1930s. Doğan Insurance occupied the building from the 1950s to 1980s, and AK Insurance followed until 1993.
The building includes several mythological elements, including a bust of Minerva above the main entrance. Two figurines sitting on the sides of the terrace represent trade and industry.
Since 1998, Minerva Han has operated as the Sabancı University Communication Center (Sabancı Üniversitesi İletişim Merkezi). The basement, which once contained the bank vault, is now the Kasa Gallery. It’s open Monday through Friday and admission is free (as of May 2024).
Tütün Han (#4)
On the next block as we leave the square is Tütün Han, which was originally known as Union Han. It was built by Italian architect Edoardo De Nari for the Union Insurance Company of France between 1905 and 1911. The building later served as the first branch of İş Bank in Galata. It was abandoned during my last few visits.
Ankara Han (#6)
Next door is Ankara Han, which was originally called Lorando Han. It was built in 1912 by the Ottoman Levantine Lorando family as the headquarters for the Lorando Bank. The architect was Giulio Mongeri. It’s now used as a mixture of offices, retail space, and private residences.
Bahtiyar Han (#8)
The massive building to the west is Bahtiyar Han. It was originally built as Bahtiyar & Camondo Han between 1903 and 1904. The building has dramatically changed in appearance over the years. Before restoration, the ground floor contained shops while insurance companies, law firms, and financial institutions occupied the upper floors. It was restored as the Hotel DeCamondo Galata and opened to guests in May 2022.
Bereket Han (#10)
Bereket Han is next. It was built in 1908. The construction of Bereket Han destroyed half of the old Palazzo del Comune, including the original façade. The Palazzo del Comune was built in 1314 by Montano de Marinis as an identical copy of the Palazzo San Giorgio in Genoa. It served as the residence of the Genoese podestà of Galata. Unfortunately, only the back half of the building remains.
Kamondo Steps
The Kamondo Steps are an Art Nouveau staircase built sometime in the 1870s by the Kamondo family, a wealthy Ottoman Jewish banking family. The Kamondos were originally Sephardic Jews from Spain who fled to Venice in 1492 and settled in Galata in the 17th century.
The stairs have a hexagonal shape. They were designed this way as a safety measure. If a pedestrian were to slip on the stairs, the next bevel would catch them and prevent them from falling all the way down.
Banque de Change Building (#12)
To the left of the Kamondo Steps is the Banque de Change Building, built in 1880 by Ottoman French architect Alexander Vallaury (1850-1921). The bank, Société Ottomane de Change et de Valeurs, was founded in 1872 by Ottoman Greeks Hristaki Zografos (1820-1898) and Yorgo Zarifi (1810-1884). It lasted until its liquidation in 1902.
From 1903 to 1940, the building served as the British Consulate. In 1959, it once again became a bank. The original inscription still sits on the façade above the entrance.
Vefai Han (#18)
On the same block to the west is Vefai Han. It was built in 1940 as the Danube Insurance Han (Danüb Sigorta Han).
Ankara Insurance Building (#22)
The former Ankara Insurance Building (Ankara Sigorta Binası) is on the next corner. I was impressed by the fine stonework, especially around the windows. The building has been converted into the Galatahan Hotel.
Hezaran Han (#24)
The last building I visited on the north side of Bankalar Caddesi is Hezaran Han. It was built in 1902 by Alexander Vallaury where a wooden barn and warehouse once stood. The building is five stories high with an Art Nouveau façade. It was abandoned at the time of my last visit.
Voyvoda Han (#19)
Heading back east along Bankalar Caddesi, directly across from Vefai Han is Voyvoda Han. It was built between 1903 and 1904.
Ottoman Bank Building (#11)
The gigantic building taking up the next block is the former headquarters of the Ottoman Bank (Osmanlı Bankası). It was built by Alexander Vallaury between 1890 and 1896. The Ottoman Bank (Osmanlı Bankası) was founded on May 24, 1856, by British entrepreneurs Peter Pasquali and Stephen Sleigh. It was originally housed in Saint Pierre Han in Galata with about 20 officers. The bank was elevated to a state bank on February 4, 1863, by Sultan Abdülaziz.
The Ottoman Bank Building was the bank’s main headquarters from 1892 to 1999. It reverted to a private bank in 1931 and was absorbed by Garanti Bank in 2001.
SALT Galata
Today, the building houses SALT Galata, an art institution founded in 2011 by Vasif Kortun and Garanti Bank. It has two other branches including SALT Beyoğlu on Istiklal Street and SALT Ankara.
SALT Galata is open daily except Mondays and admission is free (as of July 2024). There’s exhibition space, an auditorium, a research library, a café, and the Ottoman Bank Museum Collection. In addition, the building houses Neolokal, one of Istanbul’s top restaurants.
Features of the Ottoman Bank Building
Visitors to SALT Galata have the opportunity to admire the interior of the building. Just inside the entrance are bas-relief sculptures of horses ridden by what appear to be ancient warriors. There’s also a marble wall with a quote in Latin above.
Wandering through the building, I was able to admire some of the architectural elements. I particularly enjoyed the open spaces and stairwells.
On the upper floors visitors can get a good look at the atrium. Each floor around the atrium is supported by arches and columns. It looks straight down into the research library.
Ottoman Bank Museum Collection
The Ottoman Bank Museum Collection is spread throughout the floors of the building. It contains a selection of documents, photographs, and more. First, it’s possible to walk down into the bank vault, which is located in the middle of the research library.
On the upper floors, some of the displays are digital, including photographs of historic former bank employees. Reading the names of these employees showed how multicultural the Ottoman Empire was. Also, from this exhibit there are some great views across the Golden Horn.
There’s also an interactive map displaying all of the bank branches ever opened by the Ottoman Bank. It was interesting to see the photos associated with each branch.
Generali Han (#9)
Generali Han was built in 1909 by Italian insurance company Generali, which still owns the building. The architect was Giulio Mongeri. The building is broken into two sections. The upper section contains three arches separated by double Corinthian columns.
İş Bank Building (#7)
A branch of İş Bank takes up the next short block. I can’t find any information on the building.
Sümerbank Building (#5)
Finally, on the next block is the former Sümerbank Building (Sümerbank Binası). It was built in 1867 by Ottoman Italian architect Antoine Tedeschi. One of the first tenants was Crédit Général Ottoman, which occupied the building until its liquidation in 1899. In 1910, Deutsche Bank moved in followed by Sümerbank in 1933. Restoration began in 2011 to convert the building into a hotel, currently the Bank Hotel.
