Imperial Bank of Persia
Encyclopedia
The Imperial Bank of Persia (Persian: Bank Shahanshah) was an Iranian bank. It was established in 1885 with a concession from the government of Persia to Baron Julius De Reuter
, under a Royal charter
from Queen Victoria
.
The activities of this Bank ranged from trade transactions, printing bank notes, and serving as the treasurer of the Iranian government at home and abroad in return for piecework wage. The legal center of the bank was in London
and it was subject to the British laws but its activities were centered in Tehran
. It was later named British Bank of the Middle East (BBME) and is now called HSBC Bank Middle East Limited
. After the Iranian Revolution
of 1979, all the Iranian activities of this bank were transferred to Bank Tejarat.
began to decline with the establishment of New East Bank, an originally British owned bank in Persia
in 1850. It laid the foundation of banking operations in the country. The bank was established by the British without receiving any concession from the Iranian government. Later, the Imperial Bank of Persia purchased the properties and assets of the New East Bank, thus putting an end to the banking operations of the former.
Paul Reuter
Paul Julius Freiherr von Reuter was a German entrepreneur and later naturalized British citizen...
, under a Royal charter
Royal Charter
A royal charter is a formal document issued by a monarch as letters patent, granting a right or power to an individual or a body corporate. They were, and are still, used to establish significant organizations such as cities or universities. Charters should be distinguished from warrants and...
from Queen Victoria
Victoria of the United Kingdom
Victoria was the monarch of the United Kingdom of Great Britain and Ireland from 20 June 1837 until her death. From 1 May 1876, she used the additional title of Empress of India....
.
The activities of this Bank ranged from trade transactions, printing bank notes, and serving as the treasurer of the Iranian government at home and abroad in return for piecework wage. The legal center of the bank was in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
and it was subject to the British laws but its activities were centered in Tehran
Tehran
Tehran , sometimes spelled Teheran, is the capital of Iran and Tehran Province. With an estimated population of 8,429,807; it is also Iran's largest urban area and city, one of the largest cities in Western Asia, and is the world's 19th largest city.In the 20th century, Tehran was subject to...
. It was later named British Bank of the Middle East (BBME) and is now called HSBC Bank Middle East Limited
HSBC Bank Middle East
HSBC Bank Middle East Limited is the largest and most widely represented international bank in the Middle East. The bank has received several awards in various categories.-History:...
. After the Iranian Revolution
Iranian Revolution
The Iranian Revolution refers to events involving the overthrow of Iran's monarchy under Shah Mohammad Reza Pahlavi and its replacement with an Islamic republic under Ayatollah Ruhollah Khomeini, the leader of the...
of 1979, all the Iranian activities of this bank were transferred to Bank Tejarat.
History
Money changingMoney changer
A money changer is a person who exchanges the coins or currency of one country for that of another. This trade is thought generally to be the origin of modern banking in Europe....
began to decline with the establishment of New East Bank, an originally British owned bank in Persia
Iran
Iran , officially the Islamic Republic of Iran , is a country in Southern and Western Asia. The name "Iran" has been in use natively since the Sassanian era and came into use internationally in 1935, before which the country was known to the Western world as Persia...
in 1850. It laid the foundation of banking operations in the country. The bank was established by the British without receiving any concession from the Iranian government. Later, the Imperial Bank of Persia purchased the properties and assets of the New East Bank, thus putting an end to the banking operations of the former.