BCCI the Bank The Bank of Credit and Commerce International (BCCI) was founded in 1972 in Luxembourg, with its central office in London, UK. By 1991, it operated over 450 branches in 73 countries. That year, Western regulators abruptly shut down BCCI worldwide without notice, despite ongoing restructuring discussions with its management and majority shareholders, the ruling family of Abu Dhabi. A 1992 U.N. study criticized the closure by Western central banks. In some countries, local BCCI operations were allowed to continue under a new name. Explore The Founder Mr. Agha Hasan Abedi, President of the Bank of Credit and Commerce International (BCCI), founded the bank in Luxembourg in 1972. At its peak, BCCI operated in 73 countries. A visionary banker, Mr. Abedi foresaw the challenges for the Global South in the 21st century and inspired a new generation of international bankers from the Third World to compete with the dominance of the former Western colonial banks. He supported numerous initiatives in banking, education, training, research, health, and agriculture for the Third World. In 1991, Western central banks abruptly shut down BCCI. Explore Perspective Western central banks abruptly shut down the Bank of Credit and Commerce International (BCCI) in 1991, citing sensational allegations. Claims that BCCI had a criminal culture were later withdrawn. The closure affected 14,000 employees and about one million customers worldwide, causing hardship and stigma. Notably, large international banks accused of similar violations faced only fines. Contrary to reports, BCCI was not bankrupt; depositors recovered at least 90% of their claims, and in Hong Kong, over 100%, despite about US$1.7 billion in liquidation costs. Explore
BCCI the Bank The Bank of Credit and Commerce International (BCCI) was founded in 1972 in Luxembourg, with its central office in London, UK. By 1991, it operated over 450 branches in 73 countries. That year, Western regulators abruptly shut down BCCI worldwide without notice, despite ongoing restructuring discussions with its management and majority shareholders, the ruling family of Abu Dhabi. A 1992 U.N. study criticized the closure by Western central banks. In some countries, local BCCI operations were allowed to continue under a new name. Explore
The Founder Mr. Agha Hasan Abedi, President of the Bank of Credit and Commerce International (BCCI), founded the bank in Luxembourg in 1972. At its peak, BCCI operated in 73 countries. A visionary banker, Mr. Abedi foresaw the challenges for the Global South in the 21st century and inspired a new generation of international bankers from the Third World to compete with the dominance of the former Western colonial banks. He supported numerous initiatives in banking, education, training, research, health, and agriculture for the Third World. In 1991, Western central banks abruptly shut down BCCI. Explore
Perspective Western central banks abruptly shut down the Bank of Credit and Commerce International (BCCI) in 1991, citing sensational allegations. Claims that BCCI had a criminal culture were later withdrawn. The closure affected 14,000 employees and about one million customers worldwide, causing hardship and stigma. Notably, large international banks accused of similar violations faced only fines. Contrary to reports, BCCI was not bankrupt; depositors recovered at least 90% of their claims, and in Hong Kong, over 100%, despite about US$1.7 billion in liquidation costs. Explore
