The history of the Bank of Credit and Commerce International (BCCI) extended from its establishment in 1972 through rapid international expansion, organisational development, regulatory challenges, restructuring and its abrupt closure in July 1991.
Key Events provides a concise chronological overview of the principal developments that shaped that history. It is intended as a starting point for visitors who wish to understand the essential BCCI story without first having to explore the more detailed sections of the website.
The events presented here include BCCI’s establishment and growth, changes in ownership and regulation, the Central Treasury losses, the US money-laundering proceedings, internal investigations, the restructuring programme supported by the Abu Dhabi majority shareholders, the coordinated regulatory action leading to closure, liquidation and the subsequent Bingham Inquiry.
Some of these events later became central to allegations and controversies surrounding BCCI. They are therefore presented with sufficient context to distinguish between events, allegations, regulatory responses and subsequent interpretations.
This overview does not attempt to reproduce the detailed material available elsewhere on BCCI Insights. Readers wishing to examine particular subjects more closely can follow the links to the three principal areas of the website:
BCCI the Bank - the Bank’s history, ownership, organisation, policies, management, people and worldwide operations.
The Founder - the life, banking philosophy and wider vision of Agha Hasan Abedi, including his contribution to banking, education, health, development and the Global South.
Perspective - a closer examination of the principal allegations against BCCI, its supervision and closure, the restructuring programme, regulatory decisions and alternative interpretations of the historical record.
Taken together, these sections enable visitors to move from a concise chronology of the major events to the underlying documents, detailed history and differing perspectives surrounding them.
The key events covered in this section can also be accessed under the headings listed in the side menu:
Key Events covered
- 1972 - Establishment and Early Development
- 1978 - Bank of America Divestment & Staff Benefit Trust
- 1984 -1986 - BCCI Central Treasury Losses
- 1987 - Licensed Depositor Status in the United Kingdom
- 1988 -1990 - Money-Laundering Indictment & Settlement
- 1990 - Internal Task Force Investigation & Disclosure to the Bank of England
- 1990 -1991 - Abu Dhabi Majority Shareholding & Restructuring Programme
- July 1991 - Regulatory Closure
- 1991 onwards - Liquidation
- 1992 - Bingham Report on the Supervision of BCCI