about to be completed after a long period of negotiations.

BCB president the Hon. Clarence Terceira said trading of BCB's shares on the Bermuda Stock Exchange was suspended yesterday "pending finalisation of the sale of Barclays' shares''.

He would not release further de tails and the identity of the buyer is being kept secret until the deal has gone through.

One rumour being circulated locally was that Barclays was selling its own stake to one of its own interests in Canada, although this could not be confirmed.

A year ago, BCB managing director Mr. Richard Francis revealed negotiations were taking place with a major US investment company.

He said at the time: "They are a household name on a global scale with substantial overseas interests.'' He added that the US firm was likely to either buy the stake on its own or in partnership with a UK bank and/or a "substantial interest'' in Canada.

Whether this is the same concern which is actually buying the stake was anyone's guess.

The sale could well have a positive effect on BCB's shares, which have recently been languishing at $63/8 on the Bermuda Stock Exchange -- less than half its 1990-high of $13.

After suffering combined losses of $3.4 million in 1990 and 1991, BCB decided to all but shelve its loss-making retail banking business, shedding about 60 jobs in the process.

The move paid off immediately and the Bank reported a profit of $307,353 for fiscal 1992. At the end of its last financial year on September 30, 1992, BCB had assets of $212.6 million.

Barclays' sale of its stake is likely to lead to the departure of Mr. Francis as managing director since he is employed by Barclays, which runs BCB on a management contract.