BANKING & FINANCE - Feb. 22, 1992

Abu Dhabi Holders, BCCI Liquidators Reach Deal: Bank of Credit & Commerce International depositors in 40 countries would get about one-third of their money back under a deal announced by BCCI’s liquidator. The agreement would return between 30% and 40% to 250,000 depositors who had $10 billion in the failed BCCI, said the bank’s main liquidator, Brian Smouha of the accounting firm Touche Ross & Co. The agreement’s broad outlines have been known for several months, but the approval marks a significant step in cleaning up the wreckage of the failed international bank. The first installment would be paid next year, Smouha said. The deal requires the approval of courts in Britain, Luxembourg and the Cayman Islands, then of 70% of the eligible depositors, he said.