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Bank of Credit and Commerce International (view source)
Revision as of 18:23, August 29, 2025
, 18:23, August 29, 2025no edit summary
The '''Bank of Credit and Commerce International''' was at one time the 7th largest bank in the world. It came under investigation in numerous countries worldwide in the mid-1980s for [[money laundering]] for [[narcotic]]s and weapons sellers. ''[[Time magazine]]'' wrote, "Superlatives are quickly exhausted: it is the largest corporate criminal enterprise ever" and ran a cover story labeling it the World's Sleaziest Bank.<ref>http://content.time.com/time/covers/0,16641,19910729,00.html</ref>
The '''Bank of Credit and Commerce International''' was at one time the 7th largest bank in the world. It came under investigation in numerous countries worldwide in the mid-1980s for [[money laundering]] for [[narcotic]]s and weapons sellers. ''[[Time magazine]]'' wrote, "Superlatives are quickly exhausted: it is the largest corporate criminal enterprise ever" and ran a cover story labeling it the World's Sleaziest Bank.<ref>http://content.time.com/time/covers/0,16641,19910729,00.html</ref>
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 headquarters 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 headquarters was moved to [[London]].
==BCCI takeover of 2 US banks==
==BCCI takeover of 2 US banks==