Galata branch in Minerva Han, occupied in 1930. The word “Deutsche” was written “Doyçe” according to the rules of Turkish phonetics.SOURCE
Mavi Boncuk |
Even after the re-opening of Constantinople branch, Deutsche Bank’s foreign branch network still had only modest dimensions. The branches in London and Brussels, which existed before the First World War, were not re-opened in the entire period between the wars, which meant that, apart from Turkey, the Bank’s only foreign branches were in the Netherlands and Bulgaria. This made the Bank’s presence in Istanbul particularly important.
After the resumption of business operations, the office building in Galata, occupied in 1910, served as the branch’s domicile. At the end of 1928, however, Deutsche Bank used the closure of Ionian Bank’s branch in Istanbul to take over their business premises in Stamboul, situated at Kütüphane Caddesi 42/44, nearby to the branch closed in 1919. Both management and business departments were accommodated in this building.
Deutsche Bank’s previous premises in Galata, which had been rented by Anatolian Railway Company, were maintained as a branch primarily serving the needs of people travelling to Istanbul. After the sale of this building to the Turkish alcohol monopoly, the branch was terminated as at October 1, 1930. A new location for the branch in Galata was found just a few metres away in Minerva Han at Voyvoda Caddesi 72. This small but beautiful office building with its blue tiles and its rounded façade was erected from 1911 to 1913 and previously used by Bank of Athens.
Ionian Bank, headquartered in London, had decided to close its branch, as business between England and Turkey and between Greece and Turkey was contracting. Crédit Lyonnais took the same step in 1932 and closed its branch in Istanbul after more than 50 years in operation. There was even speculation on the closure of the oldest and noblest Anglo-French bank in the Orient, Ottoman Bank.