Arabic sign caused BCCI doubt

THE Bank of England's Governor in the 1970s expressed doubts about registering the Bank of Credit and Commerce International as a UK bank when he noticed its branch on the corner of Wigmore Street and James Street had a sign written only in Arabic.

In 1977 the Governor, Sir Gordon Richardson, sent a memo to BoE officials interviewing BCCI founder Agha Hussein Abedi about registering it as a 'conservative' UK bank.

But memos to Sir Gordon said: 'The impression that both we and the market had received was the very reverse of a conservative stance.'

BCCI collapsed in 1991 owing £10bn. Liquidator Deloitte & Touche is suing the Bank of England for £850m, claiming it ignored its responsibility to depositors. The hearing continues.