One of the Bank of Bermuda?s largest shareholders ? its own charitable foundation ? will vote in favour of the bank?s sale to multinational banking giant HSBC.

In a press statement issued yesterday, Bank of Bermuda Foundation chairman Joseph Johnson ? who is also chairman of the bank?s board ? said he and his fellow board members had ?unanimously agreed that the foundation?s shareholding in Bank of Bermuda will be voted in favour of the proposed amalgamation? with HSBC plc.

The foundation holds 3.16 million of the bank?s stock, or 10.9 percent of the total number of shares outstanding.

The bank?s proposed sale to HSBC, the world?s second largest bank, was announced at the end of October but is still subject to shareholder approval. Bank investors are to have their say on the $1.3 billion deal next month.

For the sale to go through, a minimum of 75 percent of one-third of the bank?s shares must be voted in favour of the deal.

The deal is also pending regulatory approval from the Bermuda Monetary Authority, but bank management have said the BMA?s review should be completed ahead of the shareholder vote on February 16.

Those casting the ballot for the foundation?s holdings are its directors, which are all either bank directors or senior executives, who had previously said they were in favour of the sale to HSBC.

Besides Mr. Johnson, those serving as directors are: deputy chairman Henry Smith (bank CEO); David Lang (bank vice-president); Eugene Bean (bank director); Philip Butterfield (bank COO); John Campbell (bank director); David Hamshere (bank director); Paul Leseur (deputy chairman of the bank?s board); Blake Marshall (bank director) and Dennis Tucker (bank director).

The foundation was set up as an institution independent of the bank in 2000 and combined the philanthropic activities of three of the bank?s former trusts; the Bank of Bermuda?s charitable, centennial and educational trusts.