Bermuda Commercial Bank revealed yesterday it has not had a managing director for the past three weeks.

Acting Managing Director Barry Munholland left the bank in the last week in September, and it was initially believed Manni Iglesias was to take over the day-to-day running of the bank.

But in a statement yesterday the bank said that John Deuss, the chairman, chief executive officer and president and the board of directors were managing the bank.

A spokeswoman told The Royal Gazette : "There is no acting managing director in charge of the bank.'' A statement issued by the Bermuda Stock Exchange yesterday said: "Bermuda Commercial Bank has advised the Bermuda Stock Exchange that following the resignation of Acting Managing Director Barry Munholland, the business of the bank continues to be managed under the direction of the Chairman, Chief Executive Officer and President John Deuss and the Board of Directors, as is consistent with past practices.'' A spokeswoman for the Bermuda Stock Exchange, which has to be notified of all changes in management, said that the statement was issued after the BSX contacted the bank.

The spokeswoman for the bank said she was not sure what stage the bank's recruitment had reached, but confirmed they were still actively seeking a manager.

Mr. Munholland took over on a temporary basis when Peter Roberts left the bank in December 1999 after his three-year contract expired.

In April Mr. Munholland resigned from the organisation. In May the bank revealed that Mr. Munholland had handed in his notice as acting managing director for `family reasons' and would be remaining in place to ensure a smooth transition.

At the time the bank took over a week to tell the BSX and the media that Munholland had resigned, despite rumours circulating at the time about his departure.

Nine months after the departure of Mr. Roberts the bank is still without a permanent managing director. The spokeswoman for the bank said that Mr.

Iglesias was not acting managing director, but was the general manager of corporate treasury.

BCB seeking new Managing Director Last week The Royal Gazette reported that the Bermuda Commercial Bank's much-hyped Internet banking platform was still not operational, nine months past its original start date.

It was due to go online in January 2000. But despite several prolonged deadlines -- the last having passed in August -- it is still not operational.

In May, when the last date was given, the reason for the delay in the Internet banking link was given for the first time.

A written statement said: "Bermuda Commercial Bank has been working on an Internet banking facility that will allow clients to interact with the bank via the Internet. The project has experienced some delays as security systems and other client services are added.'' The same rare release said that the new managing director would also take up responsibility for the e-banking service. The service is supposed to include account transfers, balances and transactions in any currency through a special currency converter. It will also, when completed, allow customers to trade on-line.

The project is a joint venture between the bank and its major shareholder, First Curacao International Bank.

Within days of Mr. Munholland leaving the organisation at the end of September, the bank told the Bermuda Stock Exchange that another senior executive had resigned.

Paul Thorne resigned as general manager of International Corporate Management Company of Bermuda, a wholly-owned subsidiary of the bank.

Despite the turmoil at the bank, share prices were up to $7.45 on Thursday, October 12, the last date of trading, taking the bank's market capitalisation up to $31.85 million.

John Deuss