percent stake in the company.

Mr. Conyers bought the shares from International Finance Ltd., which is owned by lawyers John and Lynda Milligan-Whyte and Mr. Orlando Smith.

As a result of the sale, Mrs. Milligan-Whyte will step down as chairman of the board of FBS and Mr. Smith will resign as a director.

Mrs. Milligan-Whyte said she and her husband wanted more time to develop her law firm, which specialises in international business.

"We're building up our legal practice,'' she said. "We want to concentrate on computer software and intellectual property, which is going to take a lot of my time.

"We'll be looking at other areas in the financial services sector as well.'' FBS' new chairman will be Mr. Bob Tucker, a former general manager of the West End Development Corporation and current chairman of the Bermuda Hospitals Board.

Mr. Tucker returned to Bermuda in 1984 after spending 30 years abroad. When he retired, he was a senior manager with the Royal Dutch/Shell group in the United States.

Mr. Conyers now owns slightly more than 40 percent of FBS' shares. He said: "This was a terrific opportunity for myself and the firm. What's exciting is that the firm itself now owns the majority of the shares.

"People within the company now own some 60 - 70 percent of the shares.'' Outside investors in FBS include the Argus group of insurance companies, which has a stake of approximately ten percent.

MR. JEFF CONYERS: `A terrfic opportunity for myself and the firm.