Bank of Credit and Commerce International


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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 ?
Below the parent were two principal banking subsidiaries: Bank of Credit and Commerce International S.A., and Bank of Credit and Commerce International (Overseas) Limited, which were chartered in Luxembourg and the Cayman Islands respectively.
Since the only authorized presence of the Bank of Credit and Commerce International (BCCI) in the Fifth Federal Reserve District was a representative office in the District of Columbia, I shall leave the discussion of the Systems's efforts to regulate BCCI's activities in the United States to members of the staff of the Board of Governors and to my colleagues from the Federal Reserve Banks of Atlanta, New York, and San Francisco.
I am pleased to appear before this committee to provide information on the Federal Reserve Bank of San Francisco's supervision and regulation of Bank of Credit and Commerce International (BCCI) and related entities.
We are pleased to appear before this subcommittee to describe recent developments in the case of Bank of Credit and Commerce International, S.A.
and Bank of Credit and Commerce International (Overseas) Limited-were chartered in Luxembourg and the Cayman Islands respectively.
I am pleased to appear before the subcommittee on Consumer and Regulatory Affairs of the Senate Banking Committee to testify about the experience of the Federal Reserve System with the Bank of Credit and Commerce International (BCCI).