The Bank of Bermuda has created a new senior management position of head of strategic planning aimed at directing the bank's global strategy and integrating sales delivery channels.

The position will be filled by Fred T. Busk, who returns to the bank having previously served as chief executive officer of the Bank of Bermuda (New York) Ltd.

Mr. Busk, a Bermudian, takes on his new job on Tuesday. He will report to Henry Smith, chief executive officer, and will be based at the Bank of Bermuda (New York) Ltd.

Mr. Smith said: "Fred's outstanding background with the organisation, combined with his exceptional talent and business acumen, make him the ideal candidate for this crucial position. I am pleased to be able to welcome him back to the organisation."

Mr. Busk joined the Bank of Bermuda in 1993 in the former corporate trust department. While in Bermuda, he served as vice president and head of business development/marketing, responsible for corporate trust initiatives in North and South America. In January 1999, Mr. Busk was appointed president and chief executive officer, Bank of Bermuda (New York) Ltd.

Following his March 2000 departure from the bank's day-to-day operations, Mr. Busk remained fully involved as a Bank of Bermuda (New York) Ltd. director, and currently serves as chairman of the board. Mr. Busk's return to the bank follows a three-year role as chief executive officer of a data storage consulting company based in Connecticut.

@EDITRULE:

Bermuda-registered Forexster, a next-generation foreign exchange network-dealing application service provider, announces the appointment of Kresimir Penavic to its board of directors.

Mr. Penavic recently retired from Renaissance Technologies Corporation where he was a principal and a senior research scientist.

According to a statement, Mr. Penavic contributed to building the company into one of the world's largest and the most successful hedge fund management companies, with assets in excess of $5 billion. His involvement in the development of automated trading systems at Renaissance covered most of the world's financial markets in equities, treasuries, and futures. His main area of expertise has been modelling of foreign exchange markets, the statement said.

"We welcome Mr. Penavic and are looking forward to his insights as Forexster continues the deployment of its revolutionary network-dealing architecture for FX markets," said Arman Glodjo, founder and chairman of Forexster.

"I am very excited to be joining Forexster as it deploys a powerful suite of products which are conceptually and technologically well ahead of competition. I believe Forexster to be excellently positioned to become the reference point for dealing solutions available to the interbank, corporate and speculative community," said Mr. Penavic.

Forexster.com Ltd. aims to revolutionise foreign exchange trading by cutting out the middle man - the world's banks