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.