Central Bank officially announces liquidation of BCCI (SA) branches in UAE

The Central Bank of UAE today formally announced the liquidation of BCCI (SA) branches in the country. Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank of the UAE met with Mr. Jacques Delvaux, the Global Liquidator of BCCI (SA) Luxembourg, and the local liquidators of UAE Branches of the said bank, on the occasion of the official announcement of completion of the liquidation of UAE Branches of BCCI (SA), in accordance with Chairman of the Board of Directors decision No- 01/2013, issued on 27/6/2013, regarding closure of liquidation of BCCI (SA) branches in the UAE, with effect from 30/6/2013. Mr. Delvaux was provided with copy of the local liquidator's Final Report on liquidation of branches of the said bank in the UAE. Mr. Delvaux was also briefed on the procedures carried out by the Central Bank pursuant to established laws, which included addressing the Ministry of Economy to register completion of the liquidation in the Commercial Registry and strike name of the branches of the bank off the Commercial Registry at the Ministry, in addition to notifying the Ministry of Justice and other concerned official agencies, as per the Liquidation Plan. The meeting was attended by Deputy Governor, assistant governors, and a number of Central Bank's senior staff. Mr. Delvaux was honored during the meeting for his efforts and co-operation during the liquidation of UAE Branches of BCCI (SA), which effectively contributed to the successful conclusion of this liquidation.