In the second half of the 19th century the neighborhoods of Pera (modern day Beyoğlu) and Galata (modern day Karaköy) had become the financial and commercial heart of Constantinople (modern day Istanbul) and the Ottoman Empire. Many Ottoman and foreign companies, mostly banks and insurance companies, set up their headquarters in these two neighborhoods. Separated by a large hill, foreign embassies, hotels and commercial markets in Pera were located on the top while the stock exchange, banks and ports in Galata were at the bottom.