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Bank of Credit and Commerce International (view source)
Revision as of 07:35, October 31, 2016
, 07:35, October 31, 2016no edit summary
In 1972 [[Pakistan]]i banks were nationalized by President [[Zulfikar Ali Bhutto]]. One of these banks was United Bank, whose president was Agha Hasan Abedi. Abedi subsequently joined with Sheik Zayad, ruler of [[Abu Dhabi]] and patron of the [[PLO]], to found BCCI. To prevent [[nationalization]], BCCI was chartered in [[Luxembourg]]. In 1975 it split into two entities, one remaining in Luxembourg and the other established in the Cayman Islands. The Cayman Islands part became a "bank within a bank." While the legal registration was in Luxembourg and the Cayman Islands, the actual operational head- quarters was moved to [[London]].
In 1972 [[Pakistan]]i banks were nationalized by President [[Zulfikar Ali Bhutto]]. One of these banks was United Bank, whose president was Agha Hasan Abedi. Abedi subsequently joined with Sheik Zayad, ruler of [[Abu Dhabi]] and patron of the [[PLO]], to found BCCI. To prevent [[nationalization]], BCCI was chartered in [[Luxembourg]]. In 1975 it split into two entities, one remaining in Luxembourg and the other established in the Cayman Islands. The Cayman Islands part became a "bank within a bank." While the legal registration was in Luxembourg and the Cayman Islands, the actual operational head- quarters was moved to [[London]].
In 1977 BCCI became interested in Financial General, a Washington D.C. bank with headquarters a block from the White House. The bank was owned by an investor group led by William Middendorf II, who was Secretary of the Navy under [[Nixon]] and [[Gerald Ford|Ford]]. One member of the investor group was Jackson Stephens. Stephens then sent salesmen from his [[Little Rock]] firm Systematics to talk to Middendorf about providing banking software for Financial General, but they were firmly rejected. Stephens decided to wrest control of the bank from Middendorf.
==American branch==
==American branch==