It failed in the severe Italian banking crisis of the early 1890s, was placed into liquidation in 1892, with its remaining assets and liabilities eventually absorbed into the Società Bancaria Italiana in 1904.
The Cassa di Sconto of Turin was established on 30 August 1853, with financial support from the National Bank.
[2]: 6 It was authorized to discount trade bills, grant advances against deposits and public and private funds.
It could also receive sums in current accounts with and without interest and make collections and payments on behalf of third parties.
In 1856-1857, the Banco Sete was established by a group of partners including Pietro Brambilla [it], the Ceriana brothers, Gustavo De Fernex, Vincenzo Denina, Vincenzo Luciano, Giuseppe Duprè, Gilberto Dumontel, Giuseppe Fontana, G. Paolo Laclaire, Carlo Ogliani, Agostino Plutino [it], Costantino Soldati, and Felice Genero.