The correct answer is Bank of Credit and Commerce International.
Founded in 1972 by Pakistani financier Agha Hasan Abedi, BCCI was once one of the largest private banks in the world. At its peak, it operated in 72 countries, had over...
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The correct answer is Bank of Credit and Commerce International.
Founded in 1972 by Pakistani financier Agha Hasan Abedi, BCCI was once one of the largest private banks in the world. At its peak, it operated in 72 countries, had over 400 branches, and held assets exceeding $20 billion.
The bank was established with the goal of creating a global financial institution for the "Third World." It was registered in Luxembourg but had its head offices in Karachi and London. Its rapid growth was fueled by significant investment from the ruler of Abu Dhabi, Sheikh Zayed bin Sultan Al Nahyan.
In 1991, BCCI became the subject of one of the world's largest financial scandals. Regulators in the UK and US discovered massive money laundering, fraud, and the concealment of huge losses. This led to a coordinated global shutdown of the bank on July 5, 1991.
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