TNAG-2245-FCO40-3228-Bank-of-Credit-and-Commerce-Hong-Kong-Limited-(BCCHK)-1991 — Page 248

Ya JUL '91

18:25

FROM BOE BSD SEC UNIT O

PAGE.003

-1830

21:22

BANKING COMMISSION

+852 537 1759 F.03

Note to editors

It has been announced that the supervisory authorities in Luxembourg and the Cayman Islands have taken action to secure control of the assets of, respectively, BCCI SA, a Luxembourg-incorporated bank and BCCI Overseas Ltd, a Caymans-incorporated bank. These banks are sister companies of BCCHK, all three institutions being owned by the same Luxembourg holding company, BCCI Holdings SA. The business of BCCHK is, however, entirely separate from that of its sister companies. BCCI Holdings SA is 77% owned by the Abu Dhabi Government.

Mr Cheok is on secondment from the Reserve Bank of Australia where he was the Chief Manager, Bank Supervision Department. Mr Selby is currently head of Internal Audit at The Hongkong and Shanghai Banking Corporation Ltd and has been with the bank for over thirty years.

S July 1991

2

** TOTAL PAGE.003 **