---
category: Private Organization
location: Cayman Islands
start: 1976
summary: ICIC (International Credit and Investment Company Holdings) was a Cayman
  Islands subsidiary of the Bank of Credit and Commerce International.[^1] It served
  as BCCI's repository for loans to privileged insiders.[^1]
tags:
- Organization
- Financial Institution
- BCCI
---

ICIC (International Credit and Investment Company Holdings) was a [Cayman Islands](/places/cayman-islands/) subsidiary of the [BCCI](/organizations/bank-of-credit-and-commerce-international/).[^1] It served as BCCI's repository for loans to privileged insiders.[^1]

### Role in BCCI Operations

ICIC was incorporated in 1976 and became the primary entity through which much of BCCI's illicit financial dealings took place.[^2] It consisted of three Caymanian entities: the BCC Foundation, the ICIC Staff Benefit Trust, and ICIC Business Promotions, which collectively owned about 41 percent of BCCI itself.[^2]

ICIC was used to conceal the bank's true ownership and financial manipulations. Billions of dollars in deposits were improperly diverted through ICIC, and it was a key mechanism for creating fictitious loans and rerouting deposits to cover losses.[^3] The worst of BCCI's account manipulation, particularly related to bad loans, was booked through ICIC.[^2]

[^1]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 11.
[^2]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 143.
[^3]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 83.