international sector is more important than ever -- as the bank's bid for increased foreign ownership moves on.

President and chief executive officer Henry Smith told the 1,204 employees that exemption from the 60/40 rule was paramount to the bank's future prosperity in a global market.

He said the application was still pending and gave employees the opportunity to question him on aspects of the plan.

The meetings were held yesterday as Bank of Bermuda branches closed early to allow staff to attend.

Approximately 80 percent of the Bank's staff are engaged in work connected with the international business sector, he said.

Mr. Smith emphasised the need for investment in new systems, products and services. In addition he stressed the importance of the bank's plan to list their shares on an overseas stock exchange.

The 60/40 rule means that foreign ownership in a local company cannot exceed 40 percent -- exemption from that would allow the bank to raise capital via share sales on an overseas stock market.

"We are convinced that exemption from 60/40 and the secondary listing are absolutely necessary to ensure our access to the capital which we will require to support the future growth of our global business,'' said Mr. Smith.