As Layard had suspected in late 1856, and in spite of the replacement of Fuad by Yusuf Kamil Pasha as Grand Vizier, the compromise that was found on the new bank's governance stipulated that its formal head office, board of directors and general manager would be located in Constantinople, but that the latter would be a foreign national and ultimately report to the committees to be formed in London and Paris.
Layard had predicted by late 1856 that, even with the change in Grand Vizier from Fuad to Yusuf Kamil Pasha, the new bank's governance structure included its headquarters, board of directors, and general manager being based in Constantinople. However, this individual would be a foreign national who would report to committees formed in London and Paris.