Abedi Sahib, who passed away in 1995, has largely remained unsung and unrecognised in his home country. Let me attempt to briefly sum up his professional achievements to better understand him and his life. Abedi Sahib founded the United Bank in 1959 which went on to become the second largest commercial bank in Pakistan before the act of nationalisation of the banking industry.
In 1973, post-nationalisation with the help of Abu Dhabi Investment Authority and the ruling family of the UAE, he incorporated Bank of Credit and Commerce International (BCCI) in Luxembourg with a modest capital of USD 2.5 million. BCCI went on to become the 7th largest privately-owned commercial bank in the world with some five hundred branches in 73 countries, spanning from Africa to Latin America and Asia. The bank also had presence in all major financial centres in Europe and America. This bank was unique as it was conceived to bridge the economic and social gap between developed and under-developed world.
Unfortunately, in 1991 the bank was closed down by a joint action of the US and European regulators. The circumstances and sudden closing down of the bank do remain very suspect as owners, the ruling family of Abu Dhabi, had pledged additional capital of USD 7 billion. Whichever country BCCI operated in, it very actively supported the social developments in those economies and participated actively with local governments in poverty eradication and development of literacy.
(To be continued tomorrow)
Rashid M Hamidi (Karachi)
Copyright Business Recorder, 2022
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