Former Bermuda Commercial Bank president Arnold Francis has retired as a director of the bank, ending a 28-year association as a board member.

His place has been filled by chartered accountant Christian Peterson.

Announcing his retirement, Mr. Francis said: “When I first joined the bank’s board of directors in 1969 we saw a need for a widening of banking services in Bermuda. That need still exists today and I am happy to have been part of the bank’s development over my 38-year tenure.

“I shall miss the board and staff of the Bermuda Commercial Bank.”

The bank’s CEO Clarence Terceira paid tribute to the guidance, support and leadership of Mr. Francis.

New board member Mr. Peterson has 23 years of experience within financial services and is currently managing director of PNE Management and Advisory Services.