The Bermuda Commercial Bank last week became the first local company known to take advantage of relaxed ownership rules.

The Bermuda Stock Exchange announced Friday that First Curacao International Bank N.V. now directly owns 48.08 percent of BCB's common shares and 49.66 percent of BCB's warrants.

Delta Holdings Ltd., a Bermuda company that owned 14.34 percent of the bank, sold and transferred 613,213 shares of BCB common stock and 150,772 BCB warrants to FCIB. Delta and FCIB are considered related parties, according to BCB's 2000 annual report.

Normally, only 40 percent of local companies are owned by foreign individuals or firms. The Bermuda Commercial Bank, the Island's third bank dealing solely with commercial customers, received exemption from this rule early last month.

Because of the relaxed rules, the companies exempted from the 60/40 regulations do not need to report when foreign ownership tops 40 percent.

But neither of the Island's other two banks - the Bank of Bermuda or the Bank of Butterfield - are believed to be more than 40 percent foreign-owned at this point, although both are exempt from the ownership requirement.

The Bermuda Commercial bank was required to report the transfer because it involved a significant portion of the company (more than five percent).

The Bank of Bermuda is the only bank to have expressed interest to the BSX in listing on a foreign exchange to raise capital. That bank hopes to have its shares traded on the Nasdaq market in the United States.

A spokeswoman for the bank said Securities and Exchange Commission regulations prohibit the bank from discussing the listing until it is approved.