The building is the work of Italian architect Giovanni Veltroni and was inaugurated on 19 February 1938, ten years after the approval for its construction. The sculptures of its facade are the work of Uruguayan sculptor Juan Zorrilla de San Martín and were inaugurated in 1940 and 1950. An expansion of the third floor and restructuring of the base floor were done in 1953.[2]
The building is one of the notable architectural sights of the Ciudad Vieja and is a National Heritage Site since 1975.[3]
In 2021, the building appeared in the promo that announced the premiere date of the second season of Got Talent Uruguay, featuring the panel of judges using the bank's facilities for a mission.[5][6]