Agha Hasan Abedi

Agha Hasan Abedi (1922 - 1995) was the leading banker from Pakistan. He founded the Bank of Credit and Commerce International (BCCI) in 1972. BCCI was known to have assets worth $20,000 million US dollars by 1980. The bank, with its Head Office nominally in Luxembourg but effectively run from London, had 400 branches in 72 countries and was the seventh largest private bank in the world at the time of its glory. He passed away in Karachi, Pakistan on Saturday 5 August, 1995 after a prolonged illness.

1 Life
2 Philanthropist
3 Trivia
4 External links

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Life

Early Banking Career

Agha Hasan Abedi was born in Lucknow, India, and migrated to Pakistan after the partition of India, 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. 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. Mr Abedi introduced a host of professional innovations, including the concept of personalised service and banking support to trade and industry, paying particular attention to the bank's overseas operations. One of the first to comprehend the opportunities offered by the oil boom in the Gulf, Mr Abedi pioneered close economic collaboration in the private sector between Pakistan and the United Arab Emirates (UAE). The UAE President, Sheikh Zayed bin Sultan Al Nahayan, extended his patronage to UBL operations both in Pakistan and abroad.

BCCI years

When banking was nationalised 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 world-wide 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. However, for all his pioneering role and successes, some of the banking practices Mr Abedi followed were questionable and these eventually led to the collapse of the BCCI in 1991 when an extensive probe began into its dealings world-wide. Mr Abedi, had, however, severed his connection with BCCI in 1990 after suffering a massive heart attack and had since been leading a retired life in Karachi.

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Philanthropist

Mr Abedi also sponsored the establishment of the BCCI Foundation (now Infaq Foundation) in Pakistan which provides help and assistance to writers, scholars, artists and poets. The Foundation once had branch offices in Delhi and Dhaka. The Infaq Foundation, with its head office in Karachi, has funds estimated at about 1.30 Billion Rupees (approx. $21.67 million) at its disposal. Major beneficiaries among the known institutions are, Sind Institute of Urology and Transplantation, Nationl Instutute of Cardio Vascular Diseases - Karachi, GIK Institute of Engineering Sciences & Technology, Topi, NWFP, Lady Duffirin Hospital and Sir Syed University of Engineering and Technology, Karachi. President Ghulam Ishaq Khan was the first Chairman of the Foundation from 1983 through 1995. Another eminent personality - Fakhruddin G Ibrahim took over and is now the Chairman.

He also founded BCCI FAST Foundation to promote technological education in computer science, though injection of huge endowment funds produced Degree Colleges in Islamabad, Lahore and Karachi.

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