BCCI the Bank

The Bank of Credit and Commerce International (BCCI) was founded in Luxembourg in 1972, with its central office in London. By 1991, it operated more than 450 branches in 73 countries. That year, Western central banks led by the Bank of England abruptly closed BCCI worldwide despite continuing restructuring discussions with its management and majority Abu Dhabi shareholders. This section examines BCCI’s ownership, policies, management and operations, demonstrating that the Bank functioned within an established framework of rules, controls and regulatory supervision. In some countries, local operations continued under new ownership or names.