Bermudians should laud the accomplishments of the Bank of Bermuda, not criticise it for making money, according to the bank's executive in charge of European operations.

"It has been remarkable to get out into Europe and Asia and recognise the good reputation the Bank of Bermuda has,'' said Mr. Henry Smith, a Bermudian, who started his banking career with the Bank of Bermuda in 1973 as a management trainee, and is now the senior vice president of European operations which includes offices in London, Isle of Man, Luxembourg, Channel Islands and Dublin.

"At the risk of sounding political, when I come back to Bermuda I tend to hear complaints about the size of the bank and how much money it makes. I don't think people realise the positive reputation Bermuda's banks have in the international market. People tend to see us only as a big institution,'' he said.

Mr. Smith has been in charge of European operations for about eight months and most recently served on the Island as the bank's senior vice president and general manager of retail banking, the position now held by Mr. Alan Richardson.

"It is an incredible accomplishment, that a country the size of Bermuda has grown these two financial institutions (The Bank of Bermuda and the Bank of Butterfield) and most of our growth is overseas, growth we put back into Bermuda,'' added Mr. Smith.

Despite some rapid trust fund growth, the Bank of Bermuda is still a "small fish in a very big pond internationally,'' said Mr. Smith.

Mr. Smith, whose personal interests have included chairman of the Summerhaven Charitable Trust and is past president of the Saltus Association, a Saltus Grammar School parent alumni group, was among about 400 people attending the Bank of Bermuda's annual officers conference last Saturday.

Of the 400 bank representatives about 35 were from offshore offices.

Mr. Smith, and Mr. John Hawkins, executive vice president of the bank's Asia/Pacific operations, also in Bermuda to attend the conference, agreed the potential for growth in private and institutional trust operations in Europe and the Far East are huge.

Mr. Hawkins, a British subject, oversees the bank's offices in Hong Kong, Singapore, Mauritius, Cook Islands, New Zealand and Western Samoa.

About half the financial institution's employees work in overseas offices, he said.

Of the bank's 2,200 employees worldwide, 400 are with European offices, while 600 are in the Far East offices, he noted.

Though he would not say how much money the bank's Far East operations generate he did say their "contribution to earnings is very very significant. Soon half our people will be overseas.'' It is likely that about half of the Bank of Bermuda's income is derived from its international operations.

"The Far East economies have the highest growth rates or any in the world, we have positioned ourselves to meet the needs of those economies,'' added Mr.

Hawkins.

He pointed to Singapore as a huge growth area as that jurisdiction's government deregulates its Central Providence Fund, a government-managed pension fund which employees and employers contribute to.

With less regulation, other institutions will be able to serve as trustees of these funds.

Deregulation will also generate a whole new pension fund management industry which the Bank of Bermuda can benefit from through its recently acquired Standard Chartered Equitor Group group.

BULLISH ON BANKING -- Bank of Bemruda executive vice presidents Mr. John Hawkins, left, and Mr. Henry Smith are cheerful about the bank's prospects in Asia and Europe. Story: Page 14 .