November, the bank revealed Friday.

Mr. Masters, the financial institution's executive vice president, bank asset management, will "pursue other career interests,'' the bank said.

Mr. Masters was off the Island on Friday and could not be reached for comment.

He joined the bank in 1971, became an officer in 1975, was appointed manager of treasury operations in 1981 and became a divisional manager in 1986.

He was "largely responsible for developing the bank's treasury capability'', the bank said.

In 1989, Mr. Masters joined the bank's executive committee as senior vice president, planning and finance.

"Mr. Masters initiated and led the significant and successful move to implement a quality improvement programme,'' the bank said.

In 1994, he was appointed executive vice president with overall responsibility for balance sheet and risk management.

The resignation comes three months after Henry Smith became the bank's new chief operating officer. In January, 1988, Mr. Smith will become bank president and CEO taking over the top spot as Charles Vaughan-Johnson retires.

Also at the top executive level, Bank of Bermuda executive vice president, administration, Louis Mowbray bid farewell to the financial institution.

After 20 years with the bank, Mr. Mowbray is retiring.