In 1887 a British bank named The East Modern Bank (Bank Jadid Sharq) established branches in some cities of Iran such as Tehran, Tabriz, Rasht, Mashhad, Isfahan, Shiraz, and Bushehr. In 1888, on the basis of a 60 year concession awarded to “Baron Paul Julius Reuter” the establisher of Reuters News Agency by Naser od-Din Shah (Qajar shah of Iran: 1848-96), the facilities of The East Modern Bank was assigned to Bank Shahanshahi. By virtue of this concession. The dealing center in Tehran and the bank were recognized under submission of the laws of Britain, and London was its main center.
