The Bank of Bermuda, whose share price has been battered since it listed on New York's Nasdaq stock market, received a boost yesterday when it announced it will be added to the exchange's Financial-100 Index (FIN-100).

The Index includes 100 of the largest domestic and international financial companies listed on the Nasdaq based on market capitalisation and should give the stock greater exposure when it is listed next Monday. Bank chief executive officer Henry B. Smith said in a statement: "A central goal in listing on Nasdaq was to achieve a heightened profile with the international investment community. "Our inclusion in this Index is a significant step forward, immediately providing us with greater visibility with numerous index funds and money managers that benchmark against the Index.

"This is an exciting development for the Bank of Bermuda that demonstrates our success at moving our name firmly onto the global stage."

Since listing on the Nasdaq In April, the bank has seen its stock plunge, along with most stocks on US exchanges. The bank's stock hit a high on the Nasdaq of $50.23, but later slumped.

It hit a 52-week low of $26 on October 9.

The bank said that to be eligible for inclusion in the FIN-100 Index, a company generally must meet certain criteria.

"As at September 30, 2002, 452 companies were eligible to be added to the Nasdaq Financial-100; Bank of Bermuda was at the top of the list.

"A total of 632 financial institutions are listed on Nasdaq. Listed on Nasdaq and the Bermuda Stock Exchange, Bank of Bermuda has total assets of $10.2 billion (as at September, 30) and approximately $100 billion in assets under administration.