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Bank Of Bermuda Limited Announces Senior Appointment

19 19 2003

Hamilton, Bermuda: 19 November 2003 - Bank of Bermuda (BBDA:NASDAQ;BOB:BSX) announces today, that subject to the completion of the acquisition of the Bank of Bermuda by HSBC, it is intended that the current Board of Directors will be retained, with the addition of up to two HSBC representatives. It is also intended that Henry Smith, 54, Chief Executive Officer of the Bank of Bermuda since March 1997, will retire in 12 months from the date of completion, or earlier if mutually agreed by him and the Bank.

The Board proposes that Mr. Smith will be succeeded as Chief Executive Officer of the Bank of Bermuda by Philip Butterfield, currently the Bank's Chief Operating Officer. Mr. Butterfield, 57, who joined the Bank of Bermuda in June 2000, would become CEO designate on completion of the transaction.

Joseph C.H. Johnson, Chairman of the Bank of Bermuda, said: "The Board of the Bank of Bermuda has a clear succession plan for the Bank's most senior executive positions. Succession planning and the desire of the Bank and HSBC to retain Bermudian expertise at the most senior level were key elements in the discussions about the proposed acquisition.

"Henry has been a critical part of this proposed transaction. The Bank and HSBC are delighted that he has committed to assist as necessary for up to a year in order to make the acquisition proceed as smoothly as possible.

"In Philip Butterfield, with his wide international experience in banking, we will have a highly capable successor to Henry. Subject to shareholder approval of the acquisition, we are confident that Phil will steer the Bank through the exciting next phase in its history, as a member of the HSBC Group, with all the opportunities for Bermuda, shareholders, customers and staff this new beginning will bring."