AGHA HASAN ABEDI
Introduction
Agha Hasan Abedi also known as Agha Sahab (May 14, 1922 – August 5, 1995) was a Pakistani banker and philanthropist who founded the Bank of Credit and Commerce International (BCCI) in 1972. BCCI was at one point the seventh largest private bank in the world, but it collapsed in 1991 after regulators in the United States and the United Kingdom found it was involved in a money laundering scandal. Mr. Abedi underwent a heart transplant operation in 1988, and died of a heart attack on August 5, 1995 in Karachi.
Early Banking Career
Agha Hasan Abedi was born in a well off Shia Muslim family in Lucknow, British India and migrated to Pakistan after the liberation of Pakistan from colonial rule in 1947. Beginning his career with Habib Bank before independence, he brought about significant changes in Pakistan's banking culture when he founded the United Bank Ltd (UBL) in 1959 in Chittagong. Starting as its first general manager, he quickly rose to the position of president and chairman of the board of directors. Under his stewardship, UBL became the second largest bank in Pakistan.
BCCI Years
When banking was nationalized in Pakistan in 1972, Mr. Abedi founded the Bank of Credit and Commerce International with the Bank of America NT & SA as a major shareholder. Registered in Luxembourg, the BCCI began its operations from a two-room head office in London. Over the years, it developed into a worldwide banking operation with branches in 72 countries and 16,000 employees on its payroll. Mr. Abedi was personally responsible for inducting a large number of Pakistanis into the field of international banking and almost 80 per cent of the BCCI's top executive positions at the head office and in branches in various countries were held by Pakistanis. Mr. Abedi severed his connection with BCCI in 1990 after suffering a heart attack and led a retired