director of Bermuda Commercial Bank, The Royal Gazette learned last night.

Ms Exel will replace managing diretor Mr. Richard Francis, who returns to the United Kingdom on November 7.

Ms Exel will act in the position, suject to approval by the bank's board and the Department of Immigration, until a permanent managing director is found.

Ms Exel was proposed for the post by First Curacao Bank, which bought Barclays' Bank's 32 percent stake in the Island's third bank earlier this year. First Curacao is owned by Bermuda-based oil magnate Mr. John Deuss.

Ms Exel, who previously worked as a lawyer at Milligan-Whyte & Smith, paved the way for the purchase of Barclays' stake when she wrote to Mr. Deuss proposing the deal.

Mr. Francis has been managing director of the bank since February, 1989 and oversaw a wide-ranging restructuring of the bank, including shedding most of its retail and domestic banking services.