It was founded on May 23, 1878, under the name Monte de Piedad (Piety Mount), with the purpose of fighting usury in the city (mostly targeting the growing wave of immigration in Argentina) by giving loans at a below-market interest, in order to reduce social inequalities.

The bank was chartered on May 23, 1878, as the Monte de Piedad (Piety Mount) in a measure against the prevalence of usury in Buenos Aires (mostly targeting the growing wave of immigration in Argentina).

Opening its doors in a Montserrat ward residence formerly belonging to Viceroy Joaquín del Pino (1801–04), the bank grew quickly; in 1888, it was nationalized and transferred to the City of Buenos Aires.

It soon began to administer pension funds and became a leading local source for underwriting of initial public offering activity on the Buenos Aires Stock Exchange, government bonds, and foreign trade, as well.

The city purchased a downtown lot on the massive Nueve de Julio Avenue (where the Mercado del Plata wholesaler stood) in 1947 for the construction of municipal offices, and an important branch was opened therein after the building's 1961 completion.

Located in a building that had been erected for a "A la Ciudad de México" store, on the corner of Florida and Sarmiento St., the structure was kept by the interior was totally remodeled, and display cases and marquees were open on the facade to showcase the items going up for auction and the bank activity to the walking public.

In August 2010, the English Norman Foster and Partners won the competition, associated with the Argentinian designers Berdichevsky-Cherny y Edgardo Minond and CRIBA constructions.

The bank opened its doors in a Monserrat Ward residence that formerly belong to Viceroy Joaquin del Pino, it grew quickly and changed its name six times until it reached its current denomination.

It soon began to administer pension funds and became a leading local source of underwriting of initial public offering activity on the Buenos Aires Stock Exchange, provincial and national government bonds, and foreign trade, as well.

The mass movements that appeared in Argentina since the forties integrated socially and politically urban classes derived from European immigration and rural inland workers, both of which became industrialized.

This impacted on the evolution of the bank: social loans under a pledge had started to become a limited tool in a modernizing and growing country that converted its inhabitants into citizens.

The city purchased a downtown lot on the massive Nueve de Julio Avenue (where the Mercado del Plata wholesaler stood) in 1947 for the construction of municipal offices, and an important branch was opened therein after the building's 1961 completion.

This program offers mortgage credits with the lowest rate in the market, so people are able to choose and acquire their own homes, all through an objective and transparent allocation system.

The relocation gave the bank the opportunity to create a new image with colored glazed bricks in large surfaces, both internal and external, as well as the creation of an advertising logo and the possibility to equip all of its offices and subsidiaries.