Bermuda, announced his retirement yesterday after more than 15 years in the position.

The board of directors named Joseph Johnson, deputy chairman since 1998 and president and CEO of American International Company Ltd., as the new chairman.

Mr. Johnson became a director in 1985.

Mr. Trimingham, who leaves the position six months before the mandatory retirement age of 70, said now the bank had received exemption from the 60/40 ownership rule, the new chairman needed to be firmly settled as the bank prepared for its listing on the Nasdaq exchange.

"The bank is about to embark on a very exciting new stage of its very successful 111-year history,'' Mr. Trimingham said in a release.

"A major target of mine has been the 60/40 exemption. Now that is achieved, we should go forward with the new team without changing horses in mid-stream.

The listing on the Nasdaq exchange is the start of a new era for the bank and I think it only proper that the new chairman be firmly in place right from the start of that process.'' The chairman leaves the bank during a period of fast-paced growth, and during his tenure the company grew from a Bermuda bank with a net income of $20.19 million and assets of $3.3 billion to a global player generating net income of $106 million and assets of more than $10 billion. The bank has expanded its operations from four overseas offices to 15, currently employing 2,845 people.

"Mr. Trimingham held the chairmanship through what is perhaps the most dynamic period in the bank's history,'' his successor said.

"Certainly, no small measure of the bank's success must be attributed to Mr.

Trimingham's steady leadership during those years.'' Trimingham decides to step down Bank president and CEO Henry Smith added that the role and organisation of the board had been significantly strengthened under Mr. Trimingham's tenure and was a very critical aspect of the bank's overall success.

"One of his objectives throughout his chairmanship has been to enhance the board's working partnership with management. He can be very satisfied that he leaves the board and the bank well-positioned for the future.'' Mr. Trimingham was first appointed to the board in 1969 and served on its Finance, Compensation, Nominations & Governance Committee and the Centennial Trust Committee, which oversees the bank's charitable donations.

"It has truly been an honour to have been chairman of this exceptional Bermudian organisation over the past decade and a half and see it evolve into the global leader it now is,'' Mr. Trimingham said. The bank announced that it would be initiating a new scholarship in recognition of Mr. Trimingham and said details would be announced at a later date. The board also appointed Paul Leseur as deputy chairman to replace Mr. Johnson. Mr. Leseur joined the board in 1976 and serves on the board's Finance, Audit Compensation and Centennial Trust committees.

Eldon Trimingham