delisted from the Bermuda Stock Exchange on November 1.

In May, the bank said it would redeem the $50 million debt, issued as nine percent subordinated capital notes, five years ahead of due date.

The notes were issued in October 1991, due October 31, 2001 and redeemable any time after October 31, 1996.

Bank of Bermuda will save $4.5 million in service costs per year over the next five years by redeeming the notes in November.

The move reflects the lending institution's strong capital position, bank senior vice president and chief financial officer Edward Gomez said earlier.