"The Bank is obviously delighted that Government has decided not to accept the reported recommendation of the Joint Selection Committee on Private Bills and has instead concluded that our Bill has merit and that they are prepared to table it in the House.
"We have made it very clear that listing our shares on an overseas exchange is critical to the future of the Bank. While we were prepared to recommend to our Board one of the available options should our exemption from 60/40 have been stymied by the Joint Selection Committee, we believe approval of this Bill to be in the best interests of Bermuda and our shareholders and far and away the best manner for the Bank to proceed with this listing.
"It should be clear by the remarks that have been made by numerous members of the public over the past week that there is an understanding throughout the community that the Bank is a global entity and is in fact inhibited by laws like 60/40 that were designed to protect the interests of purely local businesses.
"We very much look forward to the consideration of the Bill by the House next Friday, and we are optimistic that a growing recognition of the Bill's long-term benefits for Bermuda will provide a broad base of support both in the community and the legislature"