gearing to generate more local interest in trust services.

Gibbons Trust Co. opened for business this week, with manager Anthony Gorham stating that he believes there are many Bermudian families who can gain benefits from the engagement of trust companies.

He said, "We're quite happy to service whoever wishes to use us, but at the beginning we are going to be a little more interested in local business.

Trusts are by their very nature an upper end product. But because of our expense structure, we believe that we can help many people who in the past have never considered using trusts.

"Most people think trust vehicles are just for the wealthy. We don't believe that is true. You can save an awful lot of money on your estate by using a trust. Most people's main assets are in real estate. We believe that if we charge a reasonable figure as a trustee fee and charge no up front fees, we think that we can be quite competitive.''