Bank of Bermuda chairman Joseph Johnson yesterday announced he was stepping down after 20 years as a director at the bank.

Mr. Johnson, 68, made the announcement at a Press conference held with HSBC board chairman Sir John Bond, HSBC group CEO Stephen Green and bank CEO Philip Butterfield.

The Bank of Bermuda was sold to HSBC ? the world's second largest bank by market capitalisation ? for $1.3 billion in February last year.

In making the announcement, Mr. Johnson said he told HSBC bosses at the time of their bid for the bank that his desire was to reduce his business activities, but agreed to stay through the integration process.

Yesterday bank officials said the process of becoming a part of the HSBC network was well ahead of schedule.

A veteran of American International in Bermuda, Mr. Johnson will officially step down after the upcoming annual general meeting in May.

He served as chairman for four years, and will no doubt be remembered most for presiding over the bank as it announced and closed the sale of the Island's largest financial institution about a year ago.