Ferdinando I de Medici, Grand Duke of Tuscany, ordered the construction of a loggia to house the grain market on the left side of the river. The design and construction, which took place between 1603 and 1605, were undertaken by the Florentine architects Bernardo Buontalenti and Cosimo Pugliani. The loggia, which is supported by 12 marble Doric columns, was initially home to the wool and silk merchants, followed by bank offices, which gave the loggia its name. In 1865, the upper floor was entirely redesigned and a gable pediment was added.