Bank of Bermuda shareholders will not be getting all of their money from the bank?s $1.3 billion sale until next week. Bank investors voted through the sale to multinational banking giant HSBC Plc, the world?s second largest bank by market capitalisation, on February 16. In the deal, shareholders are being paid $45 per share but the pay-out is split into two parts with $40 being paid by HSBC and a $5 special dividend coming from the bank.

At a Press conference following the sale, bank executives said shareholders would be sent their cheques on February 20 but a bank spokesperson yesterday revealed that the $40 per share payments had gone out on Tuesday. And investors should not expect to get the $5 special dividend until next week with the bank saying cheques would be mailed out from March 1.