The Bank of Bermuda and HSBC yesterday announced they would be donating the bank?s $2 million historical collection to the Bank of Bermuda Foundation.

Bank chairman Joseph Johnson said the collection ? which includes coins, artwork, maritime models and sculptures ? would be given over to the foundation in the interest of keeping it on the Island for future generations.

The matter was discussed at the highest levels of HSBC, including with chairman Sir John Bond when he was visiting Bermuda earlier this month, who reportedly said in conversation with Mr. Johnson that he wished all decisions were as easy to make.

HSBC, which now owns the bank after the $1.3 billion sale officially closed yesterday, also announced it was to give $1 million to local charities. It did not announce details of that charitable contribution, saying decisions were still to be made but that a significant amount of the gift had been earmarked to go to education.

Mr. Johnson said: ?Over its 114-year history, the bank has accumulated numerous collections with significant historical value and we wanted to ensure that these collections are retained in Bermuda, for the benefit of future generations.

The bank?s collections include what the bank described as extensive artefacts with significant historical value to Bermuda. The Hon. Sir Henry James Tucker, a bank executive until 1969 and deputy chairman on the bank?s board until 1985, along with retired bank executive Jack Lightbourn, were said to be the driving forces behind accumulating coins for this collection. It is currently on display at the Bermuda Maritime Museum. The collection was started with mainly Spanish coins but grew extensively to include one of every type of coin used in Bermuda from the time of its discovery to present date.: When the Bank of Bermuda?s head office on Front Street opened in 1969, then general manger, the Hon. C. Vail Zuill, Mr. Lightbourn and the Bank?s then chief accountant Henry Masters saw a need for artwork in the bank.

With this in mind, they commissioned several artists to produce work that depicted the importance of Bermuda?s maritime history.

The collection includes work by noted maritime artist Montague Dawson, who visited Bermuda specifically to paint two oil paintings for the bank, as well as from another well-known maritime painter, Deryck Foster.Acollection of models of Bermuda?s maritime vessels, including a model of the Bermuda Sloop, circa 1750, are currently on loan to the Bermuda Aquarium Museum and Zoo.The bank?s sculpture collection includes pieces from artist Desmond Fountain, and can be seen throughout various bank locations. In addition, ?Northern Journey?, the whale sculpture by Randy Puckett, is housed in the lobby of the Bank?s Compass Point Building on Bermudiana Road.Bermudian Andrew Trimingham was seeking a climate controlled environment for his collection of old Bermuda maps. This lead to the bank purchasing that collection and it is now on display in the suite of meeting rooms on the ground floor of the Compass Point Building on Bermudiana Road. The foundation has agreed to lease the collections back to the bank, for use throughout its various local offices.

Foundation director and secretary David Lang said: ? The foundation is very grateful to the Bank of Bermuda for this generous gift. Bermuda?s rich historical background needs to be protected for all Bermudians and the Foundation is pleased to be able to continue our leadership role in promoting the importance of preserving arts and history within our community.?