to be completed at a special general meeting on Monday of BCB's shareholders, who will also be asked to approve an increase in share capital.

At the meeting, BCB shareholders will be introduced to officers of First Curacao International Bank, which is buying Barclays' stake, and a contract is due to be signed to allow FCIB to manage BCB.

BCB shareholders will be asked to ratify the agreement and will also be asked to authorise a rights issue to increase BCB's capital.

Bermuda Monetary Authority general manager Mr. Malcolm Williams said the BMA has still to give its approval for the sale to go ahead and added that a decision was unlikely before Monday's meeting.

Any decision taken by shareholders will require BMA approval before it can be put into effect.

FCIB is owned by secretive Bermuda-based business tycoon Mr. John Deuss, who runs Transworld Oil and also represents Oman in its overseas oil interests.