The Bank of Bermuda -- the Island's largest indigenous financial institution -- has reiterated its need for significant corporate capital, unavailable in Bermuda, to continue its growth.

Chairman Eldon Trimingham underscored the bank's position during the AGM this week, pointing out it is "well-positioned for strong growth in the coming year and into the future.'' He said, "We are established in 17 jurisdictions with a capitalisation of nearly $400 million. It is important that these two dimensions continue to grow together.

"The expansion of our geographical presence is governed only by the speed with which we can respond to customer demand for our services and, of course, in conjunction, our ability to find the necessary capital for this continued expansion.

"We are confident that we can provide the expertise to support and deliver these services. The problem may well become our ability to attract supporting capital. And this is one of the reasons why we are exploring ways to enhance our profile in international investment markets.'' "Another reason for this, of course, is to provide more value to our shareholders through a more realistic share price.'' At present, 21 percent of the bank's stock is held by non-Bermudians. Mr.

Trimingham stated that 5,000 Bermudians own 79 percent of the stock, "$400 million worth of the bank''.

He said that while it was a good thing, paradoxically, it is difficult to see how the percentage of Bermudian ownership can grow "without significantly depleting the limited Bermuda capital pool of funds required for other local development.'' Mr. Trimingham said, "The bank, with the majority of its earnings now not just from overseas, but actually earned inside foreign countries, is therefore perhaps the prime example of a Bermudian company that is showing signs of outgrowing the Bermuda capital market.

"Obviously for Bermuda, it would be foolish in the extreme to restrict our remarkable success. Therefore, to take advantage of the many exciting prospects before us, we must look for means to stimulate the inflow of the necessary investment to carry us forward.'' The bank last week formally opened a representative office in Bahrain and has been granted permission to do the same thing in Singapore.