Mr. Douglas will assume a consultancy role with the Bank for one year to assist with the transition and with a number of projects currently underway.
Henry Smith, President and CEO of Bank of Bermuda, stated "I believe it is fair to say that Luis has been a crucial participant in the growth of the Bank ever since joining it in l967. During his exemplary career, he has held global responsibility, at one time or another, not only for Global Fund Services but also for Private Trust, Corporate Banking, Systems and Operations, and left each of them stronger as a result."
Mr. Smith added that Mr. Douglas will leave his current position with the Global Fund Services division in very sound shape - with solid business plans, an excellent management team and in a very strong financial position.
The appointment of Mr. Paul Smith as Mr. Douglas' successor as Head, Global Fund Services becomes effective on 1 January, 2001. Mr. Smith joined the Bank in l996 as Managing Director, Financial Institutions for the Asia-Pacific region and assumed his current position in July 1998. Prior to that he spent 11 years with Ermitage France SA. (Ermitage Group), attaining the position of Group Managing Director. He was also with Price Waterhouse in London for four years and is an Associate of the Chartered Institute of Accountants.