Bank of Credit and Commerce International

(redirected from BCCI bank)

Bank of Credit and Commerce International

More commonly called BCCI. An international bank established in Pakistan, headquartered in London, and registered in Luxembourg. Its operations were structured to avoid regulation by any single authority. It was founded in 1972 with investments from the Emir of Abu Dhabi and Bank of America. It grew rapidly, making major loans and seeking deposits from high net-worth individuals. It became the seventh largest bank in the world. Because it was so poorly regulated, it was able to commit massive fraud, as well as deal with terrorist groups and questionable government operations. These crimes were ultimately exposed in 1991, and BCCI shut down, though lawsuits involving it continued for more than a decade.
References in periodicals archive ?
Gulf Steel which was established in 1978 with loan barrowed from BCCI bank of UAE and the relevant bank was notifying the mill to return the loan.
Abu Dhabi When the BCCI bank decided to field a cricket team in 1998, Abu Dhabi Gymkhana lost about six of their regular players, as they were employed by the bank.
Among his career highlights, Preiss was one of the lead prosecutors on the international BCCI bank fraud case in the 1990s, which led to recovering $600 million.
France agreed to grant him a retrial if he was extradited, and he will now face charges of laundering $2.84m from the Medellin cocaine cartel through the now defunct BCCI bank.
Tony Lomas, partner at administrator PricewaterhouseCoopers (PwC), has worked on all the key financial collapses of recent times, from Enron and BCCI bank to MG Rover, but none have come close to the scale and complexity of Lehman Brothers.
But his tenure was thrown into disarray when the collapse of the BCCI bank in 1992 put the then owners businesses into receivership.
Chief executive Steve Stewart said experience with the collapse of the BCCI bank showed that investments by local authorities was recovered eventually.
Cherie Booth, the Prime Minister's wife, earned pounds 210,000 for legal work on the collapse of the BCCI bank.
CHERIE Booth earned pounds 210,000 for legal work on the collapse of BCCI bank.
Mr Quinn, once a key figure in the Bank of England, was criticised for not pulling the plug on scandal-hit BCCI bank before it crumbled with pounds 10billion of debts in 1991.
As a former Deputy Governor of the Bank of England, Quinn is involved as a witness in the inquiry into the collapse of the BCCI Bank in 1991.
His financial network was similar to the system used for fraudulent operations by the BCCI bank which collapsed in the 1980s, the report said.