Mr. Elliott has served as managing director of Morgan Stanley & Company Ltd.

in New York and as vice chairman of SG Warburg & Co. Ltd. in London and he is currently chairman of The Private bank and Trust Company Ltd., London and a director of Mid Ocean Re in Bermuda.

He replaces Eloise Furbert who reached the bank's mandatory director retirement age.

Bank chairman Eldon Trimingham said Mr. Elliott has "very considerable international experience after a career in international investment banking''.

Mr. Elliott has resided in Bermuda for the past seven years and is a trustee of the Bermuda National Gallery.

Mrs. Furbert joined the board in 1978 and was chairman of its scholarship committee.

BUSINESS BUC