Bermuda Commercial Bank (BCB), Audette Exel, is to leave Bermuda to return to her home in Australia at the end of the year.

Ms Exel is completing the first year of what would normally be a two-year term representing the bank. The chair is rotated among the three banks as significant shareholders of the Exchange.

The BSX anticipate meetings soon to determine who will take over the chair. It is believed that whoever takes over at BCB, could automatically become new BSX chairman.

Ms Exel has been at the helm of BCB during its dramatic rise from mediocrity to profitability in recent years.

She now leaves when banking observers believe it is poised for substantial growth, led by a management team picked by FCIB (First Curacao International Bank), which three years ago purchased a 32 percent stake.

BCB chairman, John Deuss, said: "FCIB will ensure that the successor managing director will continue the path of growth that BCB has set itself on, to the benefit of its shareholders, clients and staff.

"FCIB remains committed to providing BCB with all the resources necessary for it to continue offering world-class banking services in Bermuda.'' And on the departure of Ms Exel, he commented: "I appreciate Audette's reasons for returning home to her family at this time. She has been part of a dynamic management team and a highly motivated staff, all of whom have contributed substantially to the success of BCB in the three years since FCIB took over the management of the bank.

"BCB and Bermuda will miss Audette, and we wish her the very best.'' Ms Exel, a native New Zealander whose family moved to Australia in 1983, will leave for Sydney with her husband directly after she hands over the top job to an as yet unnamed successor at the bank in December.

A lawyer with a specialty in acquisition financing, Ms Exel acted as counsel in the FCIB purchase of the bank in May 1993, which also saw FCIB take over the management contract.

She joined the bank in August, 1993 as head of the international department.

Three months later, at just 30 years old, she was acting manager director. The following year, she was appointed managing director.

Ms Exel said: "My time at BCB has been particularly exciting. I have thoroughly enjoyed working with such an energetic and friendly group of people. This decision has been a very difficult one for me to make; however, for personal reasons, I have to be nearer to my family after having been away from home for 12 years.

"I am delighted with what we have accomplished at BCB in the last three and a half years. There has been significant growth in a short period of time and the bank is in an extremely strong position going forward. The management team and the entire staff at BCB have worked extremely hard to achieve the results of the past three years. I will miss everyone at BCB and in Bermuda tremendously.'' Mr. Deuss indicated he was pleased with the bank's performance.

"Since FCIB bought the Barclays shares, we have devoted a great deal of time and resources to restructuring the bank and giving it the platform it needed to grow. The results since that time speak for themselves.'' Profits have grown at an average of 75 percent since it was taken over by FCIB, and climbed to $1.6 million for the first nine months of the 1995/96 fiscal year.

The bank's capital base was doubled through a $26 million rights offering this May, and assets under management, administration and custody have increased by more than $2 billion dollars.

The Bank has also overhauled its information systems and established more effective management styles. It also received a B /TBW-1 rating from Thomson BankWatch Inc. of New York.

It also formed a strategic partnership with Merrill Lynch Asset Management to form a joint venture company, BCB Merrill Lynch Asset Management.

Audette Exel