BCCI Holdings (Luxembourg) SA was the holding company that held 100% interest and minority interest in other banks, collectively the BCC Group, known in short as BCC.
A holding company is a separate parent company, such as a financial organisation, created to own a controlling interest in other companies; its main purpose is to form a corporate group. The parent company can control the policies of its subsidiaries and affiliates and oversee management decisions, but it is not involved in day-to-day operations. Holding companies enjoy the benefit of protection from losses of companies controlled by them. If a company goes bankrupt, the holding company may experience a loss of capital with a decline in net worth but the bankrupt company’s creditors cannot legally make a claim on the holding company.
BCCI HOLDINGS (LUXEMBOURG) S.A.
BCCI Holdings (Luxembourg) S.A. ("BCC") was incorporated in Luxembourg on December 13, 1974 for a period of 30 years (extendable by resolution of the shareholders) as a Societe Anonyme, under the law of August 10, 1915 (as amended) and qualified as a holding company under the law of July 31, 1929. Its registered office was at 39 Boulevard Royal, Luxembourg.
The activity of BCC was to act as a holding company for investments in banks and finance companies without geographic limitation, and to finance or arrange the financing of the activities of its subsidiaries and affiliates. As a holding company, BCC did not engage in banking or other commercial activities.
The table below is a summary of selected audited financial information in respect of BCC Group for the five years ended 31 December 1987.
PRINCIPAL SUBSIDIARIES
Bank Of Credit and Commerce International S.A.
BCCI S.A. was incorporated in 1972 in Luxembourg and since 1975 was a wholly-owned subsidiary of BCCI Holdings (Luxembourg) S.A.
BCCI SA was principally involved in international commercial banking activities including customer and inter-bank deposits, trade finance, commercial and retail lending, remittances and a wide range of ancillary banking services.
In 1987, it had 85 branches and representative offices in 14 countries situated primarily in Europe and the Middle East; of these, 43 branches are in the United Kingdom, 8 branches are in the United Arab Emirates and 8 offices in the United States of America.
The following table is a summary of selected audited financial information in respect of BCCI SA for the five years ended 31 December 1987.
Bank of Credit and Commerce International (Overseas) Limited
BCCI Overseas was incorporated in 1975 as a wholly-owned subsidiary of BCCI Holdings (Luxembourg) S.A. On December 31, 1987
Overseas was principally involved in international commercial banking activities including customer and inter-bank deposits, trade finance, commercial and retail lending, remittances and a wide range of ancillary banking services.
In 1987, it had 73 branches and representative offices located in 29 countries situated primarily in the Middle East, Asia, Africa, Caribbean, and Latin America.
The following table is a summary of selected audited financial information in respect of BCCI Overseas for the five years ended 31 December 1987.
OTHER MAIN SUBSIDIARIES AND AFFILIATES
Bank of Credit and Commerce Hong Kong Limited ("BCC Hong Kong")
BCC Hong Kong, formerly Hong Kong Metropolitan Bank Limited, was a 99% owned subsidiary which was established in 1960 and acquired by BCC in 1979.
BCC Hong Kong and its subsidiaries offered commercial banking services.
In 1987 they had 30 branches in Hong Kong.
Bank of Credit and Commerce International (Nigeria) Limited (''BCCI (Nigeria)")
BCCI (Nigeria) was a 40% owned affiliate established in 1979 operating as a commercial bank in Nigeria
The majority shareholding was held by citizens of Nigeria and by agreement, management was provided by the BCC Group.
In 1987 it had a network of 32 branches in Nigeria.
Bank of Credit and Commerce (Emirates) ("BCC (Emirates)")
BCC (Emirates) was a 40% owned affiliate incorporated in 1982 operating as a commercial bank.
The majority shareholding was held by citizens of the United Arab Emirates and by agreement, management was provided by the BCC Group.
BCC Emirates, along with local branches of BCCI Overseas, offered commercial banking services in the United Arab Emirates.
In 1987 it had 16 branches in the United Arab Emirates
Bank of Credit and Commerce (Misr) S.A.E. ("BCC (Misr)")
BCC (Misr) was a 49% owned affiliate which was established in Egypt in 1981.
The majority shareholding is held by citizens of Egypt and by agreement, management was provided by the BCC Group.
BCC Misr offered commercial banking services.
In 1987 it had 19 branches in Egypt.
National Bank of Oman Limited (SAO) ("NBO")
NBO was a 40% owned affiliated; BCC's interest was acquired in 1973.
The majority shareholding was held by citizens of Oman, and, by agreement, the management was provided by the BCC Group.
NBO, along local branches of BCCI Overseas, offered commercial banking facilities.
In 1987 it had 52 branches in Oman.
