The colonial despatches of Vancouver Island and British Columbia 1846-1871
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