Cosimo di Giovanni de' Medici was a prominent Italian banker and politician who reigned as the first de facto Lord of Florence for thirty years. He established the House of Medici as a distinguished Italian banking family and political dynasty that rose to prominence during first half of the 15th century and effectively ruled Florence during most part of the Italian Renaissance. Although his father Giovanni di Bicci de' Medici, founder of the Medici Bank, exerted considerable influence in the Florentine government, it was only after Cosimo took over as gran maestro that the Medici gained power as the unofficial head of the Republic of Florence. Cosimo was one of the key persons of the Medici Bank that emerged as the largest and most respected bank in Europe during the 15th century. He acquired power from his wealth as a banker as also through inter-marriage with wealthy and powerful families. He was reputed for his patronage towards arts and culture and reportedly spent more than 600,000 gold florins on such pursuit. Most scholars suggest that the bronze statue of David, made by the Italian Early Renaissance sculptor Donatello, was commissioned by Cosimo. It is noted as the first ever freestanding sculpture of a nude male made since antiquity.