of N.T. Butterfield and Son Ltd. He has started a new company to be called Sharpe Financial Services Ltd., and has the bank, Belco Holdings and Cable & Wireless Plc as his first three clients.

The company, which is in the process of incorporation, will advise clients on mergers, acquisitions, and financial matters.

Mr. Sharpe has worked at Butterfield for the past 10 years in various positions. He said his resignation was unrelated to the recent restructurings at the bank.

"The departure was completely amicable,'' he said. "It has been in the mill for some time.'' At the bank he spent six years in the corporate banking and lending departments before establishing the corporate finance department in 1993. He helped arrange a number of mergers including Watlington Waterworks and Pure Water, Globe Forwarding and Bermuda Forwarders, Wheels and Astwoods, Bermuda Aviation Services and Crow Lane Bakery.

He also managed bond issues for the Corporation of Hamilton, and recently for the Bermuda Hospitals Board.

Also yesterday, Staples Ltd. announced that Joan Hug has taken over from Mark White as chief operating officer. Ms Hug was previously vice president of sales and marketing at Pearman, Watlington & Co. Ltd.

Mr. White served as president since 1992, presiding over a period of sustained growth.

During his tenure, gross revenues increased from $2.5 million to over $13 million, the company said yesterday.

Mr. Bruce Sharpe