announced he will take early retirement at the end of the year.

Mr. Douglas, executive vice president and head of the Global Fund Services division, will leave the bank on December 31, 2000 but will stay on as a consultant for a year.

He will be replaced by Paul Smith, who is currently senior vice president and head of the Asia-Pacific operations of the Global Fund Services division based in Hong Kong.

"I believe it is fair to say that Luis has been a crucial participant in the growth of the bank ever since joining in 1967,'' said Henry Smith, president and chief executive officer at the bank.

"During his exemplary career, he has held global responsibility, at one time or another, not only for Global Fund Services, but also for Private Trust, Corporate Banking, Systems and Operations, and left each stronger as a result.'' Mr. Smith, who will take over at Global Fund Services from the beginning of next year, joined the bank as Managing Director, Financial Institutions for the Asia Pacific region, and took on his present role in 1998.