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Galata Bankers in Ottoman State

by Financial Economy

The history of Istanbul’s Galata District goes back thousands of years. Even in the pre-Byzantine records, the importance and position of Galata are included. Galata was the heart of trade during the Byzantine Empire. Galata, where all of Istanbul’s trade returns, was also a center of attraction for the surrounding geography. Galata, the center of trade, naturally became the center of finance. This situation has exposed bankers. Galata Bankers in Ottoman State! Let’s take a closer look at what are Galata Bankers, who are Galata Bankers…

Galata Bankers in Ottoman State

Financially strong individuals and families have settled in Galata, the center of trade, over time. These people who extend loans to people doing business are called “Galata Bankers”. Thus, we can give a short and concise answer to the question of what is Galata Banker. The question of who or who are Galata Bankers has naturally differed on the basis of names in each period. The answer to the question of who are Galata Bankers on the basis of clan; We can say that they are people and families who have the economic power and lend to the market with interest. Was There a 1000 Euro or 2000 Euro Note?

Who Are Galata Bankers?

Galata Bankers made a positive contribution during the rise of the Ottoman Empire; It lent money when the people needed money, ensured the conversion of different currencies, supported trade and enabled it to revive. They used the money of the people in the rich periods of the Ottoman Empire. Galata Bankers could be used positively by the state until the collapse of the Ottoman Empire.

In the period of decline and disintegration of the Ottoman Empire, Galata Bankers almost took the economic order of the Ottoman Empire into their hands. Due to the loss of the economic power of the state, its failure to obtain results after long wars and the loss of land most of the time, the debts taken from Galata Bankers increased. Maturities were extended and interest rates increased. After a while, the income of various businesses had to be transferred to Galata Bankers.

During the reign of Abdülmecid, the operation of the coal mines in Karadeniz Ereğlisi was left to a structure established by Galata Bankers of the period. This example; The efficiency of Galata Bankers in the last period of the Ottoman Empire is sufficient to demonstrate their power.

Teodor Baltazzi – Jacques Alléon: Bank-ı Dersaadet

In the last period of the Ottoman Empire, some Galata Bankers also received privileges to establish banks in return for their loans to the state. These bankers established the first banks of the Ottoman Empire and thoroughly developed their influence on the economic order. French bankers Jacques Alléon and Italian Teodor Baltazzi, who received the privilege of establishing a bank with their loan to the Ottoman Empire; They founded Bank-ı Dersaadet, the first bank in the Ottoman Empire, in 1847, namely the Istanbul Bank. The first bankers to lend money to the Ottoman Empire were French Jacques Alleon and Italian Teodor Baltazzi.

French Mayer Amschel Rothschild: Bank-ı Osmani

French Mayer Amschel Rothschild is the other banker who received a concession from the Ottoman Empire to establish a bank. Mayer Amschel Rothschild, the Frenchman, became a partner of the bank established in London in 1856 under the name Bank-ı Osmanî. GDP Per Capita 2020 Countries List

Famous Galata Bankers List

Famous Galata Bankers known after the Ottoman Empire conquered Istanbul are listed below. These bankers can be analyzed in 4 groups. Levantine bankers (whose descendants are of European descent – especially Italian and French – who marry and establish kinship with Turkish families), Armenian money-changers, Greek and Jewish bankers.

Levantine Galata Bankers

  • Lorando Family
  • Tubini Family
  • Baltazzi Family
  • Corpi Family
  • Stefanoviç Family
  • Shilizzi Family
  • Negroponte Family
  • Coronio Family
  • Alberti Family

Jewish Galata Bankers

  • Camondos (Camondo Family)
  • Fernandez (Fernandes Family)

Greek Galata Bankers

  • Mavrokordato Family
  • Zarifi Family

Armenian Galata Bankers

  • Köçeoğlu Family
  • Mısırlıoğlu Family

Most of the families mentioned above continued their existence in Galata as long as the Ottoman Empire survived. In addition to these, the known Galata Bankers in the recent period (in the last period of the Ottoman Empire) are as follows. All Currency Symbols and Country Currency Code

  • French Jacques Alléon
  • Italian Teodor Baltazzi
  • Mayer Amschel Rothschild (Rothschild Family)
  • Avram Kamondo (Family of Kamondo) (It is the first non-Muslim family to obtain property ownership privileges in the Ottoman Empire.)
  • Emanuel Karasso

The Inns Used by Galata Bankers in Ottoman State!

There were certain venues, streets and inns used by Galata Bankers in Istanbul. Galata Bankers were located in the place, formerly known as Voyvoda Street, now known as “Bankalar Caddesi”. Most of the magnificent buildings here were built by Galata Bankers. And also; There were also the Havyar Inn and Commission Inn, which Galata Bankers used extensively. These inns were also the center of Galata Bankers and frequented by those who needed money. How to Check Dollar Banknote?


Source: https://www.researchgate.net/publication/338864164_GALATA_BANKERS_AND_THEIR_EFFECTS_ON_TODAY’S_FINANCIAL_SYSTEM

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