Dolan, has resigned.

Mr. Dolan, who is also chairman of the Bermuda Stock Exchange said he was "at a stage in his life when he was looking for new opportunities''.

He will continue his career in the investment business and is considering jobs overseas and in Bermuda.

The bank's president and CEO Mr. Donald Lines said: "Mr. Dolan thinks that at this stage, it might be interesting to fly out on his own.

"I am sad to see him go. There is nothing sinister about his decision to resign. He described to me that he felt an era was ending as Bill Thomson and I are retiring and he, himself, has been at the bank for 20 years.

"I have given everyone a year's notice that I am leaving and as the chairman, Mr. Eldon Trimingham, said yesterday at the AGM, when there is change it takes time to settle down again,'' said Mr. Lines.

Mr. Dolan helped founded Bermuda International Securities Ltd., a Bank of Bermuda subsidiary, in March this year. "I thought our clients would generate great benefit from independent advice, which not only promotes our own investment services but diversified opinion of world managers,'' said Mr.

Dolan.

"I have really enjoyed my career at the bank. I will miss the people I have worked with for the past 20 years, but I do want to look for new opportunities,'' he said.

"In my resignation letter, I described my feeling about the future as a mixture between excitement and trepedation,'' he said.

Mr. Dolan will also resign as chairman of the Bermuda Stock Exchange. His two year tenure was due to run until December and Mr. Lines said the bank would nominate a successor to complete the term of office.

Mr. Dolan oversaw the introduction of daily trading on the Exchange earlier this year.

"I always thought this should have happened back in 1986, but I was happy to get it through this year,'' he said.

Mr. Dolan has recently drawn up new stock exchange membership rules, which are currently being examined by the Bermuda Monetary Authority.

He leaves the bank on October 15.