Remembering Agha Hasan Abedi
Agha Hasan Abedi, the founder of world's seventh largest Bank, Bank of Credit and Commerce International (BCCI) proved himself as an international financial force. He introduced the concept of personalized banking and support to trade and industry for the first time in banking sector.
Agha Hasan Abedi started his career with Habib Bank in 1946 and after serving the bank at various positions, founded United National bank (UBL) in 1959.
Starting as its first general manager, he rose to the position of president and chairman of the board of directors. Under his stewardship, UBL became the second largest bank in Pakistan. After nationalisation of banking sector in 1972, Abedi comprehended the opportunities offered by oil boom in the Gulf and founded BCCI bank as its first president in collaboration with UAE president Sheikh Zayed bin Sultan Al Nahyan.
BCCI bank started with an initial capital of just US$2 million became a success story with over 400 branches in 72 countries worldwide having 16,000 employees at its glory.
Almost 80 per cent of the BCCI's top executive positions at the head office and in branches in various countries were held by Pakistani nationals.
A large portion of BCCI's profit was donated to its charitable, no profit wing BCCI foundation which was later renamed as Infaq foundation.
Abedi established BCCI FAST in 1980 with approximately 4 million US$ to promote computer science education. FAST was later converted to National University of Computer and Emerging Sciences with world class campuses in Karachi, Lahore, Islamabad and Peshawar.
Abedi was the major donor in establishing GIK institute of Engineering and Technology in Topi, Khyber Pakhtunkhwa rated as the 9th best institution in Asia by the Asiaweek magazine and the best engineering institution in country by Higher Education Commission (HEC).
Abedi's BCCI foundation was major donor to establish Sir Syed University of Engineering and Technology in Karachi, teaching over 3,300 students in regular engineering programs in 2011 with over 200 faculty members.
In health sector major beneficiaries of Abedi's BCCI foundation are Sind Institute of Urology and Transplantation (SIUT), National Institute of Cardio Vascular Diseases Karachi (Cardio) and Lady Duffirin Hospital to name a few.
Mr Abedi severed his connection with BCCI in 1990 after suffering a heart attack and led a retired life in Karachi until his death of heart failure at Karachi's Aga Khan hospital on 5th August 1995.
BCCI bank regarded as of the third world's most glorious success stories was collapsed in 1991 after allegations of money laundering from financial regulators in America and Europe. agha hasan abedi www.pakpositive.com