The Bermuda Stock Exchange yesterday said it had been advised by the Bank of Butterfield that in November 2001, the bank or its subsidiaries acquired a further 14,800 of its own shares at an average price of BD$ 28.9409.

The repurchases were made under the share repurchase programme announced January 5, 2000.

When announcing the repurchasing programme, bank CEO Calum Johnston said: "The programme offers us a chance not only to repurchase some of our shares at extremely attractive prices, but it also enables us to enhance shareholder value."

The share repurchase programme was initiated to increase earnings per share and enhance the bank's future financial flexibility, while maintaining a strong equity base.