its Singapore office. All 23 staff are being laid off immediately.

"Bank of Butterfield undertook a strategic review of its business in May which is expected to result in a number of targeted actions, including the closing of the bank's trust and Administrative Services subsidiaries in Singapore...,'' a press release stated.

No one at the bank was available for comment on what "targeted actions'' were being planned despite persistent rumours that up to 100 job cuts were in the pipeline. The bank has offices in Grand Cayman, Guernsey, Hong Kong and the United Kingdom as well as Bermuda.

The bank stated that the closure of the Singapore office was part of a "strategic decision'' to concentrate its resources on the "traditional businesses that have contributed to its growth''.

The bank said it would continue to service its customers with interests in Asia through its Hong Kong office.