Exel at the helm of the Bermuda Commercial Bank (BCB).

A UK citizen, Mr. Roberts arrives from a less than conventional banking background. The bank said yesterday that for the last 24 years, he has been engaged in international business development, and the design and implementation of service systems for world scale engineering projects.

Prior to joining the bank, he worked as a project executive responsible for design, construction and completion of major sub-sea oil and gas production systems, as well as underwater pipelines for the global transport of oil and gas. A former naval officer, Mr. Roberts was the Transworld Oil's project executive for the development of the $7-billion Oman-India Pipeline. He coordinated the financing strategy for the debt and equity needs and the detailed planning of the project financing documentation and associated project risk analysis.

Chairman of BCB John Deuss said, "Peter is an effective and organised manager with both the marketing skills and the leadership qualities necessary to direct and motivate the activities of the bank staff.

"He practises a team-oriented management style that elicits a high level of commitment and involvement from his staff. Peter has a strong track record of success and I am confident that he will continue on this track at BCB. He is highly competitive and will work to grow the bank's business.'' Mr. Deuss is the president and CEO of First Curacao International Bank Ltd.

(FCIB), which owns about a third of BCB shares and provides the bank with management services. He is also chairman and president of Transworld Oil Ltd., an affiliate of the US company that formerly employed Mr. Roberts.

Mr. Roberts said, "BCB has achieved many significant accomplishments over the last three years. I look forward to working with our many clients and staff to continue on the path of growth that has been established.'' Mr. Deuss expressed pleasure with the bank's success in recent years. He said, "After FCIB bought Barclay's shares, we restructured the bank and devoted a great deal of time and resources to growth.

"The results since that time have been excellent. We have doubled the banks's capital base, increased profits from approximately $500,000 in 1993 to $2.1 million this year, substantially increased the size of the balance sheet, implemented state-of-the-art electronic banking systems, formed BCB Merrill Lynch Asset Management, and received a B/TBW-1 rating from Thomson Bank Watch, Inc.

"I am certain that Peter and his team will continue to enhance BCB's performance in the future, to the benefit of its shareholders, clients and staff.'' Ms Exel has been managing director of the bank since 1994 and will remain at the bank until December 13 to effect a smooth transfer of responsibilities.

BUSINESS BUC