Bank of Bermuda has given customers just over a month?s notice that it will withdraw from a number of investments on July 1 on the grounds that it is no longer ?economically viable for the bank? to provide the services.

The withdraw does not affect HSBC, Argent and Orbis mutual funds or Bermuda registered securities. HSBC Private Bank will continue to provide services to accounts valued at $1 million plus.

As of July 1, the bank told customers in a form letter that it is otherwise withdrawing from the dealing of foreign shares, bonds, commodities and third party mutual funds.

In its letter, the bank listed a number of customer option. Customers who sell the assets that will no longer be available for dealing or safekeeping will see their bank costs waived if they invest in HSBC mutual funds. Otherwise bank accounts can be credited with the proceeds or customers can transfer securities to another global dealing custody provider. A bank spokesperson said the bank was committed to providing customers ?with the best solutions in every service offering?.

?Taking advantage of HSBC?s global network and expertise, we believe that our customers who require a foreign securities dealing and custody solution will be better served for their investment needs by using the online services of our Jersey office,? she said.

At least one competitor has recently launched a marketing campaign which appears to speak directly to HSBC customers ?looking to move your investments?.

Argus Financial Limited (AFL), the majority-owned Argus subsidiary, has been administering and managing Argus Group assets, especially in the pensions division for the past year. Two months ago it extended its investment service offering to local and international private clients, corporations and trusts. It also recently hired former investment VP and Manager, Financial Planning at Bank of Bermuda, Martha Myron.

AFL?s recent newspaper ads point out that among other things AFL provides dealing and custody of global securities and third party mutual funds.

Henry Perren, COO, Argus Financial Limited, said that on the back of AFL?s success, the company it implemented the advertising campaign in response to a number of queries about the company.

?We hope that this will further raise our profile with potential customers so that they better understand the services that this company offers,? he said.