Its name, used in antiquated Romanian for several Catholic churches, is derived from a Hungarian word of Slavic origin, barát, meaning "brother" or "monk".

The history of the church can be traced back to 1314, when Franciscan friars built a wooden church near the early settlements at the location of present-day Bucharest, mainly for Italian merchants traveling to the Byzantine Empire.

In 1716, the Wallachian Prince Ștefan Cantacuzino promised that he would repair it, but he had to abdicate that same year.

The church burnt down during the 1847 Bucharest fire and its reconstruction, which ended in 1848, was financed by the Imperial House of Vienna, which donated 4,000 guilders.

The big bell was cast in 1855, being financed by Emperor Franz Joseph I of Austria.