Mr. Donald Manuel, senior manager of the bank's investment division, confirmed yesterday that he had resigned his position. He will leave the bank at the end of November.

Mr. Manuel, who has worked at the bank for 16 years, voiced similar motives for departing the bank to another senior manager of the investment division, Mr. Bill Dolan.

Growing opportunities in Bermuda's financial services sector and the upcoming departure of bank stalwarts, president and chief executive officer Mr. Donald Lines and executive vice-president Mr. William Thomson are cited as key reasons for Mr. Manuel's resignation.

"It's an exciting world out there in the investment management and exempted trust company sides,'' said Mr. Manuel. "And I am looking at opportunities outside the bank where I can do my own thing.

"I have been thinking about this for more than a year. Basically my first love is dealing in customer relations rather than business management, which does not utilise my expertise.

"I'm looking at joint ventures with overseas financial advisory companies or other start-up arrangements.

He added: "It is true that with Donald Lines and Bill Thomson leaving an era is ending. I have worked with Charles Vaughan-Johnson and get on well with him. There is no question the bank will not be managed in the same line when he takes over.'' Mr. Thomson acknowledged attractive opportunities in Bermuda's financial services sector existed and said he was aware that Mr. Manuel had been made a number of offers.

Efforts are being made to replace Mr. Manuel locally, but Mr. Thomson said attempts to find a local to replace Mr. Dolan have so far been unsuccessful.

Mr. Manuel was managing director of Bermuda Trust Far East in Hong Kong for three years before returning to Bermuda in 1989.

In June, Mr. Norman Holbrow retired as an executive officer in charge of trusts to set up Grosvenor Management.