The 58th Bank of Japan, with headquarters in Osaka, Japan, set up a branch in Incheon in 1892 with the intent of exchanging old and new currencies minted in the Incheon mint authority.

It set up branches in Busan in 1893 and Seoul in 1895, focusing on the payment of goods transferred from both countries and trade finance.

It was later reorganized as Yasuda Bank, which was used as the office of Johung Bank's Incheon branch, and the office of the Korean Red Cross’ Gyeonggi branch after the country’s independence. It is currently used by the Incheon Metropolitan City Foodservice Industry Association.

The building is a two-story French-style brick building with a stone base on the first floor, and the second floor features a balcony and an awning window to brighten the room below.

The area around the main entrance was very ornamentally decorated, and some parts of the interior were renovated, but its walls and columns, including its windows which go up and down, remain in the original form.