firm Milligan-Whyte & Smith, first drew his attention to the sale of Barclays Bank's 32 percent equity interest in the Bermuda Commercial Bank.

Ms Exel joined BCB as the new general manager of the bank's international department yesterday.

She will be on secondment from local law firm Milligan-Whyte and Smith, where she headed the banking division.

Mr. Deuss, said: "The opportunity of acquiring Barclay's shares in the Bermuda Commercial Bank was first brought to our attention by Milligan-Whyte and Smith, represented by Audette Exel.'' Ms Exel was hired by First Curacao International Bank for secondment to BCB because of "her exemplary experience and background in corporate finance and international law (particularly oriented towards development and promotion of business opportunities of off-shore financial institutions),'' said Mr. Deuss.

Ms Exel said the partners at Milligan-Whyte and Smith had always viewed BCB as one of the keys to "the real development of Bermuda internationally''.

"So the firm looked at potential purchasers. We found out about John Deuss by reading about him in the newspaper. He is doing the work that Bermuda could be more involved in, such as multi-jurisdictional projects, acquisitions, and project finance. He is a brilliant deal-maker.'' "I wrote to John Deuss and met some people who worked for him, who voiced surprise that the Bermuda Monetary Authority would consider approving someone like Deuss. It was thought the bank's new partner would be a financial institution, rather than an individual. When we found out he already owned a bank, we knew the deal could be done.'' Two months after Ms Exel and Mr. Deuss met, a deal shifting the 32 percent shareholding in BCB to First Curacao International Bank was unanimously approved by shareholders.

In her new role, Ms. Exel says she will help build the bank's international stature by introducing new forms of international business from untaped markets.

"For instance, Canadian corporations that operate an active business off-shore do not pay tax on income earned offshore. Therefore, they could consider shifting at least pieces of their international business to Bermuda.'' Ms Exel outlined the bank's future plans to exploit the continued transfer of business from Hong Kong, as well as encouraging re-domicile for corporations from other jurisdictions.

Services to the insurance industry, such as letter of credit facilities, investment banking advice and other investment products will be enhanced. And the bank also aims to extend its mutual fund and trust business and its involvement in captive management in Bermuda.

"Bermuda Commercial Bank will carry out its affairs in a quiet, conservative and cautious manner, but we also hope that it will be marketed creatively. BCB is not interested in opening its doors to anyone interested in doing business in an offshore jurisdiction. It only wants to do business with the world's best institutions,'' said Ms Exel.

But her first priority is to try and become part of the 48-strong workforce at the bank.

The bank is now updating its computer system and completing the move to the ground floor at its current site. A new managing director, global custody manager, trust department manager and office administrator are being recruited.

Ms Exel, a New Zealander, started practising law in 1985 at Australian law firm Allen, Allen and Hemsley. In 1987, she joined the Hong Kong office of Linklaters and Paines where she worked to build up an Australasian-based finance practice. She joined Milligan-Whyte and Smith in February 1992 to set up the banking department.

Ms. Audette Exel.