The Bank of Bermuda has announced approval by the board of directors to increase the limit of its buy-back programme from one million common shares, set in December 1998, to 2.5 million common shares.

Edward Gomez, chief financial officer, said of the buy-back programme: "An augmentation of the buy-back programme will continue to provide a mechanism that will balance new issue obligations under the Bank's various benefits programmes. A repurchase programme is a capital management tool that is common to many international banks."

The Bank said that no time frame has been established to complete the programme and that 674,535 shares have been repurchased under the programme since it was originally announced in December 1998.