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.
Money changing 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.