During the last quarter of the nineteenth century there was much interest in investing in the Greek banking sector. Greeks from mercantile communities abroad (paroikies) had to face intense competition in their adopted countries from native and western European investors.

At the same time, the development of nationalism created a negative climate for the further presence of the Greeks abroad. The chance for speculation provided by the Greek financial market was important, since Greek economy was in need of the influx of exchange and investment capital.

The National Bank continued to hold a leading role. Its administrative officers were appointed by the state and it enjoyed the exclusive privilege of issuing money. However, governemnt control of the Bank was not total. Besides, throughout this period there was no legislative framework regulating the operation of banks.

Between 1904 and 1922 seventeen banks were founded in all, among which were the Commercial Bank of Greece, the Bank of Piraeus and Chios Bank. Of these the main ones (nine banks) were established between 1918 and 1920. Inevitably, the general euphoria caused by participation in the First World War and hopes for the favourable handling of Greek claims in the peace conferences (as well as the thought of allied credits) played a part in this.

A peculiar case was the Raisin Bank, which was established under Theotokis's government in 1899. Its purpose was to assist raisin producers by granting loans on low interest. Thus, the activity of usurers who were exploiting producers during the raisin crisis was dealt with. The Raisin Bank, apart from lending initial capital, managed part of the production process, the so-called deduction, so as to increase the price of raisins intended for the market.