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Lasting legacy of a business leader

Dear Sir,

In your tribute to Donald Lines — who passed away last week aged 82 — you unfortunately missed one of Donald's greatest and longest lasting achievements.

As the Bank of Bermuda approached its 100th anniversary, Donald was looking for a way to celebrate the Bank's success and give back to the community.

Around that time, the Bank's largest shareholder, Midland Bank, indicated that it wanted to sell its five per cent stake in the bank.

The bank purchased these shares at market value and placed them in a trust known as the Bank of Bermuda Centennial Trust. On the 100th birthday of the bank, Donald announced the creation of this Trust, with the income to be used to support charities on the Island.

This was a huge gift to the people of Bermuda.

In the ensuing years, the Trust was reorganised as the Bank of Bermuda Foundation and continues today to support charities throughout Bermuda.

At the end of 2012, the Foundation had assets in excess of $150 million and during that year distributed funds to charities and scholarships in excess of $6,500,000.

Every time you see David Lang, the managing director of the Foundation announcing yet another grant to a charitable group, you can see the great benefit that this gift has given to the Bermudian people.

It is fair to say, particularly during the past few years of economic recession, that many local charities would not have survived without the support of the Foundation.

I hope the Foundation will do something to recognise Donald Lines and his foresight in creating this wonderful gift for the people of Bermuda.

ALASTAIR MACDONALD

Giving back: Donald Lines

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Published December 18, 2014 at 8:00 am (Updated December 17, 2014 at 11:17 pm)

Lasting legacy of a business leader

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