designed by renowned architect, bethencourt da silva, the construction of the building began in 1880, in the bustling downtown district of the city, which at that time was the capital of the country, and the epicenter of political, economic and financial activity. 

originally serving as the headquarters of the commercial association of rio de janeiro (Associaçăo Comercial do Rio de Janeiro - ACRJ), the building became part of the bank of brazil (banco do brasil), in 1920, and functioned as the bank's flagship office until 1960.

it was not until the late 1980s, that the banco do brasil decided to preserve the building, seeing it as a symbol of great importance in the city, and one of alluring architectural value.