The origins of this building date back to the Middle Ages, when in the area adjacent to the port goods and currencies were traded.
The construction of the building was ordered by the Padri del Comune, the city's administrators, in the context of the urban planning of Piazza Banchi (so called because of the presence of the currency exchange banks), after a fire at the end of the 14th century.
The original building, seriously damaged by a fire in 1455 and subsequently restored, was replaced towards the end of the 16th century by the current one, built between 1589 and 1595, whose design is attributed to Andrea Ceresola, known as il Vannone, with the collaboration of Giovanni Ponzello.
The remains are identified as a part of the quarter attributed to the Usodimare family, some shops, currency exchange counters and other structures are exhumed, as well as deposits of valuable materials.
The painting was saved from the fire following the 1942 bombing, while the one in the vault, by Giovanni Battista Brignole, depicting the coat of arms of the Republic of Genoa, was destroyed.