Ottoman Bank
The Ottoman Bank underwent different variations of itself, but it is considered to be the first modern bank in the Ottoman Empire and the modern Republic. The first Ottoman Bank was founded in 1847 after it borrowed money from two moneychangers. This version of the bank went by the name “Bank-1 Der Saadet;” however it was not long lasting as it did not have any capital and soon went bankrupt.1
The second Ottoman Bank, which is most likely referred to in this despatch, was founded in 1856 and headquartered in London. It was founded due to the support and help of British capital and went by the name “Bank-1 Osmani.” On 4 February 1863, British and French shareholders and the Ottoman government contracted the last version of the Ottoman Bank — the version that is still known today.2This bank, referred to as the Imperial Ottoman Bank, was ratified by Sultan Abdulaziz in order to help solve the economic crisis in the empire. This version was an extension of the Bank-1 Osmani and took over its branches and staff.3
Mentions of this organization in the documents
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