Change is the vital principle of existence; life is but a process of change.
The Bank of Credit and Commerce International (BCCI) is in its twelfth year. It came into being in the Middle East in 1972 and has enjoyed remarkable growth. In 1983 Euromoney rated BCCI the second fastest growing bank in the world over the last three years. What makes it unique is its management philosophy. Its President and founder, Agha Hasan Abedi, is the creative inspiration for the bank and for its philosophy, which he calls Real Management.
At the beginning of 1984 the bank that "Asians look upon as their own" was hailed enthusiastically by an Indian business journal as the hero of an international success story. But the days when it could be called a bank for Asians are long past: with around 12,000 employees in more than 380 offices and branches, BCCI is now represented in 70 countries. But it is not because of its multinational character that BCCI has set tongues wagging, excited admiration and provoked occasional criticism. The real reason is its phenomenal growth in a little under 13 years. Started only in 1972, its mere $2.5 million of initial equity has so far grown to about 400 times the original figure, representing the solid foundation for a balance sheet volume of over $13 billion.
Read the full issue here: BCC International - No. 30