Building on the recent significant strides made by the Bermuda International Business Association (BIBA), the group's newest chairman will direct his energy and expertise at improving the Island's competitive position.

"One of my goals is to encourage the further opening up of business opportunities in Bermuda so that the benefits of competitive forces can be experienced,'' said Mr. Thomas Davis.

Mr. Davis who took over BIBA's chairmanship last week from Bank of Bermuda senior vice president, executive management, Mr. Cummings Zuill, is president and CEO of Bermuda-incorporated Winchester Global Trust Company Ltd.

He is also a director and a founding shareholder of that Bermuda licensed trust company.

Prior to Winchester, Mr. Davis was president and a founding shareholder of Mid-Ocean Trust Company Ltd., one of the first local entities to be granted a trust licence by the Bermuda Monetary Authority (BMA) under the Trust Companies Act 1991.

Prior to that, he had a 14 year career with the Bank of Bermuda.

With the bank, he headed the team that opened up the bank's Luxembourg operation and it was there, and later with the bank's New York office, when he said he learned the benefit of competition.

Mr. Davis negotiated with the Institute Monetaire de Luxembourg for a banking licence in Luxembourg.

Luxembourg was interested in the bank's offshore funds' management expertise, he said.

"We were about the 120th bank to go to Luxembourg and that experience showed me the benefits of competition.

"I really feel we've had a tremendous amount of success at BIBA and we've been careful to attract the highest quality of business,'' he said.

"We have a tremendous reputation but everybody recognises that we are up against some pretty stiff competition.'' Continued on page 16 Davis takes command at BIBA Continued from page 13 Mr. Davis also said that: "BIBA provides an opportunity to position Bermuda to move ahead competitively while at the same time not jeopardising quality.'' Quality does not necessarily come from being protectionist, he said.

"I'm willing to challenge that.

"I'm not saying Bermuda needs 120 banks but if we chose to protect we have to have a good reason,'' he said.

At Winchester, he is responsible for establishing personal trust business and corporate trust activity.

Two years ago, he was the Bank of Bermuda's senior manager of corporate trust international and poised to move to the senior executive level but opted to go out on his own.

With the Trust Companies Act 1991, he saw that the financial services area was a potential growth area.

"The first group I was involved with was Mid-Ocean Trust Company Ltd., providing niche services to Canadians,'' he said.

That company is currently winding down after Toronto-based fund manager Dundee Bankcorp, part-shareholder in the company, decided it was not the right vehicle for them, said Mr. Davis.

He then heard about Olympia Capital (Bermuda) Ltd., a company that services offshore mutual funds.

This was the area Mr. Davis specialised in at the Bank of Bermuda.

Winchester is a privately-held Bermuda company, 60 percent owned by a small group of Bermudian shareholders with the remaining 40 percent owned by Olympia.

Olympia's offshore headquarters, as well as the Winchester office, are located in the Williams Building on Reid Street.

"I feel very bullish about the synergy of this group,'' he said.

Recently licensed Winchester Fiduciary Services Ltd., a subsidiary of Winchester, will support the administrative activities of Olympia, he said.

Mr. Davis became a Chartered Accountant in 1975 after receiving an MBA from York University in 1971 and a Bachelor of Commerce degree in 1969 from Dalhousie in Halifax.

He articled as a student and auditor with Price Waterhouse in Bermuda and Toronto.

His past community service includes: president of the Institute of Chartered Accountants of Bermuda, governor of the Canadian CA institute, member and clerk of Hamilton Parish Council and Broadcasting Commissioner.

He has also served as a UBP campaign chairman and is one of four Bermuda Government scholars as well as a Justice of the Peace.

With BIBA, Mr. Davis has served as not only a director but also as chairman of a number of the organisation's committees.

Mr. Davis also said he plans to focus on service delivery and change BIBA's governance to broaden the representation and burden.

In January, BIBA, funded by Government as well as membership dues, will launch a local public awareness campaign.

BIBA's members come from the Island's law, accounting and management services sectors as well as the banking sector.

Over 8,000 international companies are registered in Bermuda creating an international business community that includes subsidiary operations of over three-quarters of the Fortune 100, BIBA said.

Mr. Thomas Davis