The Bank of Bermuda has filed a registration statement with the Securities and Exchange Commission in the United States in connection with listing its stock on the Nasdaq stock exchange.

And the bank has said it still intends to list at the earliest opportunity despite the recent market crash adding the listing would bring long-term benefits for the bank.

It is not known exactly what is contained in the filing as it has been lodged on a confidential basis, according to the bank's Chairman Joseph Johnston.

In the chairman's report to shareholders, Mr. Johnston said the bank now expected to "have a number of discussions with the SEC as they request further information or clarification, before they declare our registration statement to be effective.'' In December the Bank of Bermuda was given an exemption from 60/40 rules, which restrict foreign investment in Bermuda companies, by Finance Minister Eugene Cox.

The bank is Bermuda's largest, with a market capitalisation of $1.29 billion, and said that exemption -- and listing on the Nasdaq -- would enable the bank to compete on an equal footing with other global institutions.

The news pushed the bank's stocks up to an all-time high of $51.00, shooting up from a 52-week low of $24.28, but has since dipped, yesterday closing at $47.00.

But the exemption was granted before the world markets crashed, and there had been speculation in the business community that the listing would be delayed.

However Mr. Johnston said: "We are also in the process of applying to Nasdaq to have our shares quoted on the exchange. We are still unable to predict how long this process will take to complete but will provide our shareholders with further updates in due course.

"Although the short-term outlook for the equity markets is uncertain, our plan remains to list at the earliest opportunity as we believe this will bring long-term benefits to the bank and our shareholders.'' When the exemption was granted last year Mr. Cox had a list of conditions which would make sure the bank stays in Bermuda and remains committed to the Island.

Bank of Bermuda and the Bank of N.T Butterfield & Son Ltd, the Island's second largest bank, had both applied for exemption from the rules, which will allow them to get more foreign investment.

Bank of Butterfield is still waiting to hear about its application.

For the past two years the Bank of Bermuda has been seeking an exemption from the rule that means that 60 percent of the bank has to be owned by Bermudians or Bermudian businesses.

Mr. Johnston said in his report that the listing was another reason the bank was placing such emphasis on being good to its staff and providing incentives as the bank's competitiveness came down to its staff.

He added: "Obtaining the exemption is also gratifying on a number of other levels. On one it demonstrates Government's confidence in the bank's long-term commitment to Bermuda.'' Before being granted the exemption, the Bank of Bermuda said it was unlikely the Nasdaq would allow the bank to float stock with the ownership rule in place.