rated the best in the world for emerging markets in an independent survey.

The bank was placed top of the ratings in the recently published 1996 Review of Emerging Markets. The survey was carried out by GSCS Benchmarks Ltd., a firm closely linked to the Global Custodian survey published by Global Custodian magazine.

The Bank of Bermuda scored 93.3 points out of a possible 100, beating out industry giants and closest rivals State Street Bank (93.1 points) and Brown Brothers Harriman (92.5 points).

The survey rated 30 different banks and was compiled and validated by Robert Kay, managing director of Global Securities Consutling Services. Mr. Kay is well known in the custody industry and his publications have a wide readership.

Vice-president and Group Manager of Global Custody Services for the Bank, James Hollis-Hallett said of the latest rating: "It is gratifying to know that our efforts have been recognised. Global custody is an important element of the Bank's services. To be rated best globally, and now also in emerging markets by a publication of this stature is most rewarding.''