right direction for the Barclays Bank Group subsidiary, its managing director said this week.

"Everything I have heard and seen confirms we made the right call in opening a trust company in Bermuda. It was clearly a niche we wanted to fill and we persuaded the board we wanted operations here,'' said Mr. Michael H. Tomalin.

Mr. Tomalin was in Bermuda surveying the progress of the new private trust operation and meeting with some of the Islands lawyers and regulators as well as local Barclays staff.

"We have established ourselves, we have more than a beach-head,'' said Mr.

Leslie Cunliffe, managing director with Barclays Private Trust (Bermuda) Ltd., but neither Mr. Cunliffe or Mr. Tomalin would divulge details about the current size and worth of their client base.

"Our clients are international and we are bringing new clients to Bermuda,'' said Mr. Cunliffe.

Not only is the Island's new Barclays private trust business, opened in August at their Continental Building offices, bringing new high net worth clients to Bermuda but it is also promoting the Island in the international business world, he added.

"And Barclays is not taking business away from current trust companies on the Island,'' he added.

Mr. Michel Drew, president and CEO of Schroders (Bermuda) Ltd., a private trust company, said they is little if any competition here for high net worth customers.

"There is a huge amount of international trust business out there (especially from) South America, China and the Middle East,'' he commented.

"We don't compete with any other business,'' he noted. On at least one occasion another trust company has referred a client to Schroders (Bermuda), he added.

BANKERS -- Mr. Michael Tomalin, managing director of Barclays Private Banking, left, and Mr. Leslie Cunliffe, managing director of Barclays Private Trust (Bermuda).