the low price of its stock to buy back some of its shares.

Yesterday the bank's president and chief executive officer Calum Johnston announced that the board of directors had authorised a common share repurchase programme.

He said: "The programme offers us a chance not only to repurchase some of our shares at extremely attractive prices, but it also enables us to enhance shareholder value.'' In a statement released yesterday, the bank said the timing of the programme and the amount of the shares repurchased would be directed by overall financial and market conditions.

"This action by the board reflects its confidence, along with that of management, in the future of the bank. Such a programme will increase earnings per share and enhance the bank's future financial flexibility, while maintaining a strong equity base.''