Ionian Bank

A "decree of the Eminent Senate of the Commonwealth of Ionian Islands" established the Ionian State Bank in 1839, to finance trade between the Ionian Islands (a British protectorate), and Great Britain. This made the bank the oldest in Greece. The bank received a 20-year grant of the exclusive privilege of issuing and circulating banknotes for the Ionian Islands. The bank soon changed its name to Ionian Bank (IB), and initially only operated in the Ionian Islands, opening branches in Corfu, Zakynthos and Kefalonia the following year. In 1845, a year after the bank received a UK Royal Charter, it established agencies in Athens and Patras, and appointed special agents in Venice and Trieste.
In 1864, the Ionian Islands united with Greece and IB converted its agencies in Athens and Patras to full branches (possibly before 1864.) IB then extended its operations to the rest of Greece. The Athens office took over as Head Office from the Corfu office in 1873. By 1880, the bank lost its legal monopoly position in the Islands, but gained an extension to its (no longer exclusive) right of note issue. In 1883, IB gave up its Royal Charter and registered as a limited liability company. Ionian Bank expanded into Egypt by opening branches in Alexandria in 1907.

Ionian Bank 1840 - 1860
Date Value Print Bank Face View Comments
1840 10 shillings London Kefalonia There are three varieties of the island's name: Corfu, Kefalonia and Zante. The only notes we known are specimens.
1840 1 pound London Kefalonia
1840 1 pound London Zakynthos
1840 2 pounds London Kefalonia
1840 5 pounds London Kefalonia
1860 2 & 5 colonata London Kefalonia, Corfu, Zakynthos There are three varieties of the island's name: Corfu, Kefalonia and Zante.
1860 100 colonata London Zakynthos  


Ionian Bank 1876 - 1914 New Dracma
Date Value Print Face View Back View Comments
1876 10 Drachmas Paris New drachmas. There are two varieties, with and without Limited (also differ on the back).
1901 10 Drachmas Paris
1877 25 Drachmas Paris New drachmas. On the 25 dr note we see handwritten dates and printed dates (1877).
1914 100 Drachmas Paris
1885 1 drachma B.W.C Type A'
1885 2 drachmas B.W.C
1885 1 drachma B.W.C Type B'
1885 2 drachmas B.W.C
1890(;) 10 drachmas P.B.&C. No varieties.
1899 25 drachmas W.&S.B.N.E. Two varieties: green 1899 and gray 1914.
1914 25 drachmas W.&S.B.N.E.

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