One third of the building was demolished in the 20th century, but the remaining two wings still exist and are now used as the head office of Lombard Bank.

The palace originally belonged to Fra Giovanni de Villaroel, the Balì of Noveville.

In the 1720s, the Italian artist Nicolau Nasoni painted frescoes on the palace's ceiling.

[2] Architect Romano Fortunato Carapecchia have given the palace a baroque facelift, from an austere façade, in the eighteenth century.

Lombard Bank acquired the wing facing Republic Street in the 1970s, and converted it into their head office.