By becoming an equity stakeholder in oeBusiness.com, the Bank has demonstrated its confidence in both the company's current products, and in their ability to lead in the course of e-business development.
oeBusiness will equally benefit from Bank of Bermuda's investment, as their own merchant customers will now be able to accept credit cards online for real-time e-commerce.
Through strategic alliances with leading e-commerce service providers, oeBusiness.com creates and deploys e-business strategies combining solutions service and security for increased cost efficiency, data fulfillment effectiveness, security and protection. OeBusiness' B2B and B2C solutions and services are customized to provide clients with the flexibility to meet present and future business goals.
David Lema, Vice President, Electronic Banking Manager, Bank of Bermuda, said: "We have been working with oeBusiness for the past six months and were impressed by their solid business plan. We are delighted to be announcing today our investment in their company. We look forward to growing our mutually beneficial relationship."
"We are excited to be a major component of this strategic move by the bank," said Colin Wood, CEO of oeBusiness.com. "Bank of Bermuda is recognized worldwide as a global leader in e-commerce transactions and e-business. We believe that together we can expand Bermuda's recognized position in the exciting, growing and evolving world of e-commerce."
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About Bank of Bermuda
The Bank of Bermuda Limited (Bank of Bermuda) is an international financial institution that provides banking, trust, asset management, fund administration, global custody services, as well as credit card transaction processing for e-commerce, to its corporate, private and retail clients.
Bank of Bermuda is a pioneer in offshore electronic commerce, having been in the e-commerce business since 1995. In addition, Bank of Bermuda has over 25 years experience in the bank card industry, a global network and an excellent IT infrastructure. They have been working closely with the Bank Card Associations in developing guidelines to facilitate onshore e-commerce transactions via the Internet. Bank of Bermuda was the first offshore institution to launch, in November 1999, a multi-currency settlement capability. Merchants and banks who use Bank of Bermuda for their on-line credit card processing have the option to settle their transactions - with a supplier or client - in a choice of five different currencies - Canadian dollars, Euros, Hong Kong dollars, UK pound sterling, and US dollars
Bank of Bermuda is one of the few banks to operate internationally as an independent Certificate Authority. It has the authority to issue Entrust/Public Key Infrastructure-generated digital certificates. This will provide secure communications and strong authentication of users between the bank and its clients, regardless of geographical location.
Founded in 1889, its global headquarters are in Bermuda, and it has offices or subsidiaries in the Cayman Islands, Cook Islands, Dublin, Guernsey, Hong Kong, Isle of Man, Jersey, London, Luxembourg, New York, New Zealand, and Singapore. It has a representative office in Bahrain.
The Bank is listed on the Bermuda Stock Exchange. Bank of Bermuda has net assets of $10.2 billion (unaudited as at 31 December 1999) and $65 billion in assets under administration.
Further information on Bank of Bermuda is located on the Internet at www.bankofbermuda.com.
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About oeBusiness.com
Headquartered in Hamilton, Bermuda, with offices in the US and Canada, oeBusiness.com provides integrated turn-key services that address the eBusiness needs of companies worldwide.
In December of 1999, oeBusinees.com purchased most of the assets of EOCnet.com. With this purchase oeBusiness becomes the exclusive beneficiary of the EBS Ltd Act, of 1999, one of the most comprehensive and innovative pieces of ecommerce legislation existing today. The EBS Act provides for a vehicle called the eSuite, a legal, virtual business entity which allows merchants from anywhere in the world to open up merchant accounts with the Bank of Bermuda and to process credit card transactions for selttlement in Bermuda, a critical part of oeBusiness.com's B2C platform, Applications for these virtual entities are available on-line at http://www.oebusiness.com
Through strong and proactive relationships with Strategic Partners and leading service providers, oeBusiness.com delivers customized and innovative B2B and B2C business solutions to meet the requirements of each of its customers in an ever changing e-commerce environment.
OeBusiness.com's parent company, TransWorld Group, (formerly London Telecom) is a leading telecommunications reseller in North America