Butterfield, has been appointed a director of the Bank of Bermuda. He replaces the retiring Mr. J.E P. Stewart.

As well as now having directors on the boards of Bermuda's two largest banks, the Gibbons group also runs its own savings and loans company, Financial Services.

Dr. Gibbons, who is managing director of Gibbons Company, said he did not foresee a conflict of interest.

"Were I to be involved in the day-to-day business of our deposit company there might be some sense that there was a conflict of interest, but I'm not,'' he said.

"As far as the Bank of Bermuda is concerned there's no conflict because directors don't get involved with the daily running of the bank. Directors of most companies are involved only in overseeing events.'' Dr. Gibbons appointment comes shortly after his father, Graham, retired as a director of the bank.

Bank of Bermuda chairman Mr. Eldon Trimingham said: "As a representative of one of Bermuda's largest business interests, the bank is extremely pleased to have him on board.

"His outstanding educational and professional background will be an asset to the bank and we look forward to his wisdom and expertise.'' Dr. Gibbons is a graduate of Saltus Grammar School and Phillips Academy, Andover, Massachusetts.

In 1974, he received a Bachelor of Science degree in chemistry from Brown University, in Providence, Rhode Island, and went on to receive a Master of Arts degree in philosophy, politics and economics as a Rhodes Scholar at Oxford University from 1974-76.

From 1976-82, he obtained a Ph.D. in chemistry from Harvard University, where he served as a teaching Fellow in Organic Chemistry for all but one of his years there.

Dr. Gibbons' professional career began in the United States at Squibb Corporation, which deals in pharmaceuticals, in 1982, where he held several management positions in marketing, planning and licensing.

He left in 1987 to join his family business as managing director of Gibbons Company, a position he still holds. In 1990, Dr. Gibbons was also named MD of perfume firm Peniston Brown Company.

Dr. Grant Gibbons.