Before the construction of the palace, the location was occupied by the ruins of a monastery (Saint John the Great) and an adjoining inn.
The palace was built as a new headquarters for Romania's oldest bank, the public savings institution Casa de Depuneri, Consemnațiuni și Economie, later known as C.E.C.
(Romanian: Casa de Economii și Consemnațiuni), and nowadays CEC Bank.
[4] Built in eclectic style, the palace is topped by a glass and metal dome.
The four corners are decorated with gables and coats of arms and ending in Renaissance domes.