A partner in Swiss-based private bank Lombard Odier & Cie, whose Bermuda trust company was officially opened this week, has praised the Island as an offshore financial centre.

Mr. Jean Bonna said Bermuda is unmatched by its offshore rivals in what it offers international businesses.

"Bermuda is by far the most respected offshore financial centre in the world,'' he said. "That's basically the reason why we came here.

"Bermuda has all the advantages of an offshore centre and, on top of that, it has respectability. No other offshore centre is as respectable as Bermuda.'' This "respectability'' factor is one of the principle reasons why Lombard Odier was prepared to wait for Bermuda to open its doors to foreign trust companies, something which it did in late 1991, rather than set one up elsewhere, said Mr. Bonna.

For all intents and purposes, the new entity in Bermuda is Lombard Odier's first trust company, said Mr. Bonna.

"We do have a trust company already in Montreal but it's a different sort of operation,'' he said.

"We have a lot of clients who would look at a Bermuda trust as a very safe way of protecting their assets compared with other things they have been using up to now,'' he said. "We're going to move a number of our clients over here.

Lombard Odier, which was founded in 1798, has had a presence in Bermuda for 18 years, but its entity here was only allowed to carry out inter-company business.

"What is important for us is that we have known Bermuda for a long time,'' said Mr. Bonna. "We have learned to know the Island very well over the last 18 years.

"Therefore, we are particularly happy to be able to broaden our operations here. We feel that what the Island can offer is really quite important for international investors. That's important for us.'' He said Bermuda would not regret its decision to allow foreign trusts to operate on the Island.

"I very firmly believe that competition is a good thing and not a bad thing for a financial centre,'' said Mr. Bonna. "Over the long term, competition adds to its expertise and its reputation.'' Mr. Bonna and fellow partner, Mr.

Philippe Sarasin, were in Bermuda this week to mark the official launch of its trust company, Lombard Odier International Trust Company (Bermuda) Ltd.

The business, located in Corner House, was opened by Finance Minister the Hon.

David Saul.

The firm will initially employ three people: Ms Brenda Bridgewater, office manager; Mr. Trevor Fountain, senior trust manager; and Mrs. Elaine Furbert, chief accountant.

TRUST COMPANY OPENS -- Lombard Odier partners Mr. Philippe Sarasin, left, and Mr. Jean Bonna.