In the end of 1922, the bank of the Ottoman Empire, the private bank of the Jewish family Alchadef and the bank of Rome operated in the Dodecanese. Soon the bank of Italy and the bank of Sicily established branches in Rhodes. The bank of Italy was housed in the ground floor of the Government House until 1926. Finally, the new bank of Italy was built in 1930, constructed in accordance with a design of engineer Accolti.
The building is characterized by elitist architectural forms, with symmetrical outlined ground-floor and first-floor openings, with decorative frames made of finta pietra, a two-floor prominent volume, including the three entrance arches and a continuous overhang.
Today the building houses the Bank of Greece.
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