the Dutch bank acquiring failed Barings bank, is not likely to be greatly impacted by takeover proceedings, according to the Bermuda company's president.

"Security Life Reinsurance Management (Bermuda) Ltd. (SLR) is an insurance and reinsurance management company (and is) not involved in banking or fund management,'' said Mr. N.E.J. Wheeler.

The relationship and between the Bermuda company incorporated on June 19, 1978 is one of "parent and subsidiary,'' added Mr. Wheeler.

SLR, with a staff of four, has offices in the Continental Building on Church Street and is a wholly-owned subsidiary of Internationale Nederlanden US Insurance Holdings located in the US.

That holding company is ultimately fully owned by Internationale Nederlanden Groep NV, according to Mr. Wheeler.

ING, the publicly-held Dutch bank that earlier this week announced it had gained court approval to buy Barings operations for 1, and will set up a fund to pay off creditors.