ownership restrictions if Bank of Bermuda is successful in its bid, a leading chief executive officer predicted yesterday.

William Woods, chief executive officer of the Bermuda Stock Exchange (BSX), said he saw the move by Finance Minister Eugene Cox to review the 60/40 company ownership rule as a positive step for the Island.

And he said that companies in the financial sector and the telecommunications world would be the first to benefit from the relaxing of the rules -- with Bank of Bermuda top of the list to get an exemption from the 60/40 rule.

Mr. Woods added that if Bank of Bermuda was to get an exemption from this rule, then it would make sense for other banks to follow suit.

On Friday, Mr. Cox told the House of Assembly that Government had made a pledge with the Organisation for Economic Cooperation and Development (OECD) to allow international companies to compete on more equal footing on the Island.

He added that a committee had been set up to review the 60/40 rule, which meant local companies must be owned by a majority of 60 percent Bermudians.

Mr. Woods said: "I think it is a very helpful statement, and it moves this debate forward, we think, in a very positive way.'' He added that it had never been the BSX's view that the 60/40 rule should be taken away overnight.