Bermuda Commercial Bank. There has been a bolstering of its share price on the Bermuda Stock Exchange since then, an improvement to date of nearly 74 percent.

Thirty two percent of the bank's shares were purchased last May 10 from Barclay's Bank by First Curacao International Bank (FCIB), a principal of which is Bermuda resident and oil magnate John Deuss.

They traded at $6.91 at that time, and last traded on Wednesday at $12 a share.

In fact, the Island's smallest bank's share price outperformed all others in 1993 with a 71.42 per cent increase during the course of the year.

Acting managing director, Ms Audette Exel commented: "Our progress over the last year has helped show everyone that there are three world class banks in Bermuda and that BCB is here to stay.'' Ms Exel said that the year has been busy. Staff began this year with a new, sophisticated, on-line banking programme with a direct link to its international cleared funds system, Swift.

The approach to management has been changed, with the 57 staff more involved in the direction of the bank at all levels through the implentation of participative management. Staff are included in all areas of decision-making, including reviews of the bank's business.

Ms Exel said: "There is no doubt that a tremendous amount of work and cost is involved in shaping BCB into a state-of-the-art operation. However, our motivated management team and enthusiastic staff are well-positioned to build on what has been an extremely positive year.'' A full marketing campaign has been undertaken in Bermuda and overseas to raise awareness of the bank's presence.

Ms Audette Exel.