Point, as "a statement about Bermuda's future''.

An army of media members and important guests were on hand to celebrate the opening of Bermudiana Road building which took an army of contractors and $44 million to build.

Features of the five-storey building, to be occupied by 330 staff, include: a large conference room, enhanced computer systems and a modern gym for staff.

It will not be used for public banking.

"It's a building of technology and advanced architectural design,'' Premier the Hon. Sir John Swan said.

Bank president Mr. Charles Vaughan-Johnson said the building was another milestone in the bank's 106-year history, which started in a small pink cottage on Front Street.

"Like its guiding instrument namesake, Compass Point, the Bank of Bermuda has been safely piloting its Bermudian and international clients through the perils and complexities of finance and investment since 1889,'' he said.

Before leaving the podium, he presented The Construction Association of Bermuda Scholarship Fund with a cheque for $1,500, money which could have gone towards official opening mementos.

Bank chairman Mr. Eldon Trimingham noted in his speech if there was a single architect of the building it was former president Mr. Donald Lines, who started the ball rolling on the project.

Mr. Lines was on hand to unveil a time capsule in the lobby which, before it was sealed, will be filled with various objects including newspapers, bank newsletters and clothing from the 1990s recommended by staff members.

Compass Point was designed by architects Mr. Fraser Butterworth and Mr. Glyn Quarterly and was built by D&J Construction. There were a dozen other local contractors involved.