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FCIB, Shareholder of Bermuda Commercial Bank Limited Under Investigation.
Hamilton, Bermuda, September 8, 2006 -- First Curacao International Bank, N.V. ("FCIB"), a significant shareholder of Bermuda Commercial Bank Limited, announced that legal authorities in Holland and Curacao are conducting an investigation at the offices of FCIB, and at the offices of its Dutch administrative services provider in Holland, into the Bank's involvement in alleged money laundering activities by some of its clients and whether the activities of its Dutch service provider require a banking license.
FCIB has at all times conducted its business in accordance with applicable laws and regulations and maintains strict anti money laundering policies and procedures. FCIB is also fully cooperating with authorities in this matter.
John Deuss, Tineke Deuss and Timothy Ulrich, who each serve as Directors of FCIB, also serve as Directors of Bermuda Commercial Bank. They have advised the Board of BCB of their intentions to temporarily step aside from their responsibilities as Directors and Officers of Bermuda Commercial Bank until this matter is resolved.
At a meeting held on the evening of Thursday, September 7, the Board of Directors of BCB appointed Dr. Clarence Terceira as Acting Chairman, and Mr. John Sainsbury as Acting President, until the matter is resolved and Messrs. Deuss and Ulrich, and Ms. Deuss, resume their normal duties.