was revealed yesterday.

Bank chairman James King announced that the board of directors appointed M.

Calum Johnston as the new president and CEO of the bank as of this Monday.

Mr. Johnston, a long-standing international banker, was most recently the executive vice-president of international banking with the Bank of Nova Scotia.

"The board of directors believe the bank is most fortunate in being able to secure the services of an executive of the calibre and stature of Mr.

Johnston,'' Dr. King said. "Mr. Johnston will continue the strategic initiatives of our strategic plan, building core businesses and prudently managing expenses.'' Mr. Johnston replaces John Tugwell who quit the post after less than six months on the job.

Mr. Tugwell stated that he left due to personal reasons.

The Bank of Butterfield, which was established in 1858, has $4.4 billion in assets and over $1.5 billion under administration.

Aside from its headquarters in Bermuda, the bank has offices in Grand Cayman, Guernsey, Hong Kong and the UK.

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