Shareholders of Bank of Bermuda today voted overwhelmingly in favour of the proposed buy-out by HSBC, the world's second largest bank.

At just after 5.30 p.m. the bank's management announced the landslide victory - that 91 percent of those that voted had been in favour, and just nine percent against.

And out of all the shares outstanding in the bank, 83.8 percent of the shareholders cast their vote, a bank spokeswoman said.

The bank announced at the end of October that there was a takeover bid by the HSBC, the world's second largest bank.

It had offered $1.3 billion for the bank, and shareholders would get $45 per share if they voted yes. Forty dollars would come from HSBC and $5 from the bank, to sweeten the pill.

The Ministry of Finance gave the go-ahead to the deal at the time, and the Bermuda Monetary Authority gave its blessing at lunchtime today.