Bank of Bermuda shareholders have agreed to specific changes to the bank's by-laws at a special general meeting on February 2.

These changes will enable the bank to meet conditions laid down by the Minister of Finance when he granted the bank's exemption from Bermuda's 60/40 ownership laws.

They also reflect the fact the bank no longer needs to meet legal requirements of the 60/40 laws.

Henry Smith, president and chief executive officer of the bank said: "The bank is fully supportive of the conditions attached to its licence, which relate primarily to the protection of national interests, as they are consistent with our commitment to remain a Bermudian institution and to share with Bermudians the opportunities and financial rewards that our continuing success brings.

" We can now continue with our objective of listing on the Nasdaq. The process of listing includes filing a disclosure document with the US Securities and Exchange Commission, called a registration statement, and we will also apply to have our common shares quoted on the Nasdaq. It is difficult to estimate how long this process will take, but our goal remains to list in the US at the earliest opportunity.'' In a separate statement, the Bank of Bermuda announced it is lowering its Statement Savings interest rate by 0.25 percent and 90 Day Call and 180 Day Call deposit accounts by 0.375 percent. The change will be effective from February 19.

Danny Fox, head of retail at the bank, said: "Despite the 0.5 percent interest rate drop by the Federal Reserve, we will only lower our Statement Savings rate by 0.25 percent and ensure that all those customers are able to benefit from a rate of 4.00 percent, whatever amount they have in their account.''