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20 - ORGANIZATIONS/PRIVATE/National Bank of Georgia.md
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---
tags: ["Organization", "Bank"]
category: "Private Organization"
summary: "National Bank of Georgia was a financial institution that became entangled in the Bank of Credit and Commerce International scandal.[^1]"
---
National Bank of Georgia was a financial institution that became entangled in the [[Bank of Credit and Commerce International|BCCI]] scandal.[^1]
### Acquisition by BCCI
[[Ghaith Pharaon]] finalized his acquisition of National Bank of Georgia from [[Bert Lance]] in January 1978, with the help of [[Agha Hasan Abedi]].[^1] Abedi paid off Lance's $3.5 million bank loan on the same day.[^1]
[[Ghaith R. Pharaon]] finalized his acquisition of National Bank of Georgia from [[Bert Lance]] in January 1978, with the help of [[Agha Hasan Abedi]].[^1] Abedi paid off Lance's $3.5 million bank loan on the same day.[^1]
BCCI illegally acquired the National Bank of Georgia, using Pharaon as a front man.[^1] The bank's assets quadrupled from $400 million to $1.6 billion under [[Roy P. M. Carlson]]'s leadership, who was appointed head of the bank by Abedi and Pharaon.[^2] The National Bank of Georgia functioned primarily as a clearinghouse for BCCI funds in the [[United States]], a destination for BCCI letters of credit, and a provider of loans and services to BCCI's international clientele.[^2]
@ -15,7 +17,7 @@ By 1987, the bank's share of the [[Atlanta]] retail market had dropped to 5 perc
The National Bank of Georgia was one of the three prominent U.S. banking institutions that the [[Federal Reserve Board]] fined BCCI $200 million for illegally acquiring control.[^1] It was also part of the indictment against BCCI and Abedi in November 1991.[^3]
## Footnotes
### Footnotes
[^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. 11-14.
[^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. 211.