building on Bermudiana Road.

The 60,000-square-foot complex, which will not offer retail banking, is to house 350 bank employees once it is fully occupied early in the New Year.

"It's been a very successful project,'' said Mr. David Lang, the bank's senior manager of corporate management.

Mr. Lang said the investment division has moved into the fourth floor and the treasury department is occupying the top floor, the fifth. A conference facility on the top floor is still being completed, he said.

The third floor will house the international banking school and human resources, while Bermuda Trust Company Ltd. will take the second floor and the ground floor.

Mr. Lang said the basement will house the file room, the mail room, and possibly a 2,000-square-foot gym.

"We are presently surveying our staff to find out exactly how many of them are interested,'' Mr. Lang told The Royal Gazette . "There are a number of people who are very keen.'' If the bank decides to proceed with the gym, it will hire one of the local health clubs to operate it, Mr. Lang said. "We've been given advice that it should be properly managed, and we have accepted that advice.'' By moving into Compass Point, the Bank of Bermuda will vacate 7,200 square feet of office space in the Masters Building, 7,500 square feet in the personnel and administration building on Gorham Road, 10,200 square feet in the ACE Building, and 5,400 square feet in the Armoury Building.

But the move will do little to ease the shortage of office space in Hamilton.

ACE is absorbing the space the bank is giving up in its building, and new owners are taking over the vacated space in the personnel and administration building. The Masters Building and the Armoury Building are open to new tenants.

Asked how much the new building cost, Mr. Lang would only say it was "expensive''.

"It's a very special building with all kinds of unique features which the bank ordered,'' Mr. Lang said.

It will have emergency generators to provide back-up power not only to Compass Point, but to Par-La-Ville Road and eventually head office on Front Street.

The building also features raised flooring throughout and plenty of glass and special panels on the exterior.

Even after the move, the Bank of Bermuda will still occupy space in the Colonial Building on Gorham Road, about 38,000 square feet in the Ingham & Wilkinson Building, and records retention and stationery space at Mills Creek.

It is "entirely possible'' another bank building will be required in future, though one is not planned currently, Mr. Lang said.