this month to increase its authorised share capital from $24 million to $30 million.

Mr. Stephen Kempe, the Bank's executive vice president/international corporate banking, said the move was partly driven by the bank's dividend reinvestment plan.

This plan encourages shareholders to reinvest their dividend in shares instead of taking the cash.

"As time goes on this depletes our treasury stock,'' said Mr. Kempe.

He said there are currently 19 million issued shares and there are no plans to offer any of the newly authorised shares if they are approved.

The bank's AGM is on September 23 at the Rosebank Centre.