In the XVIII century it was decided to adjust release of paper money - bank notes by the example of Germany. For these purposes the Assignation bank was founded in 1769. In 1782 the empress Catherine II enjoined to build the special building for Assignation bank. Giacomo Quarenghi became the architect, his project was approved on May 5, 1783. Work on the building of the Assignation bank became the first for Quarenghi in St. Petersburg. The building was built from 1783 to 1790. The art cast-iron fencing from Sadovaya Street was established in 1791. From 1799 to 1805 there was a Bank mint here. Till 1817 the building of the bank issued bank notes, in 1843 the bank was closed as unnecessary as state bank notes were put into use. The State Russian bank began its work here in 1849. On June 3, 1930 the Leningrad Financial and economic Institute opened in the building of the bank (later University of Economy and Finance, nowadays St. Petersburg state economic university). In 1967 in the yard from Sadovaya Street Giacomo Quarenghi's bust made by M. N. Meysel and L. L. Lazarev was established.