Bank of Bermuda has been named ?Best Sub-Custodian 2006 for the Caribbean? by Global Finance magazine in its fourth annual ranking of sub-custodians.

HSBC, which owns the Bank of Bermuda, has also been named the ?best bank/letter of credit provider? to the captive industry in Reactions magazine?s annual Captive Survey 2006.

The editors and reporters at Global Finance ranked winning sub-custodians based on criteria including customer relations, service, competitive pricing and knowledge of local regulations and practices. HSBC received top ranking in 11 of the 35 countries as well as in one of eight regions, the Middle East.

In addition to naming HSBC ?best bank/letter of credit provider? to the captive industry, Reactions magazine also named HSBC the second best captive asset manager after Brown Brothers Harriman.

?We work hard to service our customers and these awards reflect the dedication of Bank of Bermuda staff who consistently go above and beyond to provide the best service and competitive products,? said Andy Gent, chief operating officer of Bank of Bermuda.

Bermuda is ranked as the Best overall captive domicile in the Reactions magazine survey which also listed Bermuda law firms Conyers Dill and Pearman as best captive law firm followed by Appleby Spurling Hunter.