In the XVIII century, the Sea Market was located on this site. It burned down in the 1780s. In the XVIII century, Russia waged military operations almost without interruption. To provide financial support, metal money and silver coins were used. They were valued in Europe and were considered a means of international settlements. However, over time, the Russian treasury began to lack silver, and the circulation of large quantities of metal money itself caused a lot of inconvenience. Following the example of Germany, it was decided to establish the issue of paper money - banknotes. For these purposes, the Assignation Bank was founded in 1769.

In 1782, Empress Catherine II ordered the construction of a special building for the Assignation Bank. Its architect was Giacomo Quarenghi, and his project was approved on May 5, 1783. Work on the building of the Assignation Bank was the first for Quarenghi in St. Petersburg. The building was built from 1783 to 1790. The entire vacated area between Sadovaya Street, the Yekaterininsky Canal and the cross streets was allocated for it. The main central building was intended for the direct work of the bank. Single-story open galleries connected it with the side buildings-storerooms for storing money. Later, the galleries were built up and glazed.

Coins were brought to the storerooms on barges along the Yekaterininsky Canal from the Mint of the Peter and Paul Fortress. The artistic cast-iron fence on the side of Sadovaya Street was installed in 1791. It was made in Petrozavodsk according to a drawing by Quarenghi. From 1799 to 1805, the Bank Mint was located here. Until 1817, bank notes were issued in the bank building; in 1843, the bank was closed as unnecessary, as state credit notes were introduced into circulation.

In 1849, the State Russian Bank began its work here.

On June 3, 1930, the Leningrad Financial and Economic Institute (later the University of Economics and Finance, FINEC, now the Saint Petersburg State University of Economics - SPbGEU) opened in the bank building.

In 1967, a bust of Giacomo Quarenghi by M. N. Meisel and L. L. Lazarev was installed in the courtyard from the side of Sadovaya Street.