The Bank of Bermuda yesterday announced a 29 cent dividend for shareholders, as well as officially announcing its investors would be due a $5 special dividend if the bank's pending sale to multinational banking giant HSBC Plc was voted through.

The bank said the special dividend would be paid out two weeks after the deal closed, if shareholders approved the sale at the special general meeting called for February 16.

The sale is also subject to regulatory approval from the Bermuda Monetary Authority.

In a Press statement, the bank's board said the 29 cent dividend would go to shareholders as of February 13 and was set to be paid out on February 27.

Speaking of the $5 special dividend, the bank said investors holding the bank's shares on the day before the amalgamation became effective would be eligible for the payment.

This special dividend ? which is in addition to the $40 per share to be paid to shareholders by HSBC in the sale ? is conditional on the closing of the amalgamation and will only be paid if the deal goes through.