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This palazzo is traditionally identified as historical seat of the famous Genoese bank of San Giorgio. The bank was created in 1407 to finance a war against Venice and was the first chartered bank in the world. The bank of San Giorgio eventually outgrew the national boundaries of the Genoese Republic and became a major source of finance to most influential European royal families who came to Genoa for loans. Unfortunately, the same bank cold-shouldered Columbus, who was born and grew up in Genoa, when he sought funding for his American voyage. Only imagine, the history of Europe could have been entirely different if, with the backing of San Giorgio, Genoa instead of Spain, reaped the benefits of the colonial explorations of Columbus!

Today, the palace houses the offices of the Genoese harbour authorities of what has become the largest trading harbour in the Mediterranean. The fresco decoration on the facade of the palace is believed to date back to 1606 and is by Lazzaro Tavarone. The fresco of San Giorgio slaying the dragon was only discovered as recently as in 1990 during restoration works.