(Hamilton, Bermuda, June 9, 1998) Henry Smith, President and CEO of the Bank of Bermuda, has informed the Bermuda Stock Exchange that "we have been advised by our legal counsel that the Joint Select Committee on Private Bills has apparently elected not to recommend to the House our bill to exempt the Bank of Bermuda from 60/40 laws.
"We are extremely disappointed by this decision. We remain convinced that the Bill is in the best interests of both the Bank and Bermuda.
"We are committed to the earliest possible secondary listing of our shares, and the associated benefits which the listing will provide for our shareholders and Bermuda, and we will ask our Board to consider alternative means of acheiving this goal. It remains essential that the issues of shareholder value and access to capital be addressed soon and as effectively as possible."
For more information contact Peter Smith (441-299-6006) or Elizabeth Tee (441-299-6157) at the Bank of Bermuda.