BANKING & FINANCE - July 19, 1991

Prosecutors Confirm BCCI Probe: Federal prosecutors confirmed that they are investigating possible criminal violations involving the Bank of Credit and Commerce International--seized this month by foreign banking authorities--and three U.S. banks it controls. U.S. Atty. Jay Stephens’ office issued a statement saying it was investigating possible violations of law involving BCCI, First American Bankshares, the National Bank of Georgia and Independence Bank of Encino, Calif. Banking authorities in England, Luxembourg and the Cayman Islands seized BCCI on July 5, and it was ordered earlier to cease operations in the United States.