team to hand in his resignation in recent weeks.

The 45-year-old senior manager of corporate trust is leaving the bank after 14 years to pursue new opportunities in Bermuda's fast growing financial services sector.

He expects to go near the end of November at about the same time as Mr. Don Manuel, senior manager of the bank's investment department.

Over the last month, the bank has already lost Mr. Bill Dolan, managing director of its securities division, and Mr. Gordon Howard, manager of personal trust and private banking.

Mr. Donald Lines, the bank's president and CEO, said it was "inevitable'' that the bank would lose some of its top talent as Bermuda opened up to foreign competition.

"There are so many opportunities out there now for Bermudians, both black and white, and I use that term advisedly,'' said Mr. Lines.

"A lot of the people who're leaving are in the 38 to 45 age range. If they're going to go out on their own, that's a good time to do it. They have the experience and the contacts.'' Mr. Lines said he did not believe there was any significant disaffection among the departing managers over substantial restructuring at the bank, particularly in its investment division.

"If there is a common thread to the departures it is that these people all enjoy the customer-relations side of the business,'' he said.

"However, as the bank grows, there is more and more structure and administration they have to deal with.'' Mr. Lines said it was difficult to replace managers who had been with the bank for several years.

"Experienced Bermudians are in short supply in any field,'' he said. "We pointed this out when discussions were being held about opening up trust and investment business.

"We said that it would affect companies like ourselves who are natural targets for these types of companies looking for staff.'' Mr. Davis confirmed that emerging opportunities in the financial services sector was the primary reason for his departure.

"I don't have anything specific lined up but I want the freedom to look around and weigh up my options,'' said Mr. Davis.

"There are new and exciting opportunities around and I want to pursue some of them while I still can.

"I'm in my forties now and I had to decide if I wanted to spent the next 20 years continuing my career in the bank or pursue new areas.

"I feel I have something to offer which I think I can best achieve in a different environment.'' When pressed about whether there was any disaffection in the bank, Mr. Davis said: "I suppose if we were all as happy as larks nobody would leave.'' But he added: "I'm leaving the bank on very amicable terms. The division I'm leaving is very, very strong and there's a good management team in place. I wouldn't leave if there wasn't.'' MR. DONALD LINES -- The bank's president said it was "inevitable'' that the bank would lose some of its top talent.