In 1888, on the basis of a 60-year concession awarded to Baron Paul Reuter (the founder of Reuters News Agency) by Naser od-Din Shah, (Qajar shah of Iran: 1848-96), the facilities of The East Modern Bank were assigned to Bank Shahanshahi.

The exclusive privileges of publishing paper money, tax exemption, performing commercial-industrial affairs, profiting from all subterranean resources, etcetera was awarded to the mentioned bank.

Bank Shahi continued to be active under the same title until February 1949 when its 60-year concession expired, and thereafter renamed "British Bank in Iran and Middle East", it continued to be active until August 1952 without the former concession and rights.

[6] In January 2014, the European General Court in Luxembourg ruled to annul the European Union (EU) sanctions in place since 2012 against the bank on grounds of supporting the Iranian nuclear program as there was inadequate evidence supporting the claim.

For the first time in 2018, Tejarat Bank has signed a memorandum of cooperation with UNICEF to improve the health, nutrition, education, care and overall well-being of children in Iran.