The Bermuda International Business Association is changing its name to Business Bermuda after approval from its membership.

The new brand will be unveiled at the organisation's annual general meeting today "to reflect that continued transformation of the organisation's role in marketing Bermuda's international business community around the globe".

Business Bermuda chief executive officer Cheryl Packwood said BIBA had been a driving force in the growth and development of international business in Bermuda over the past 40 years.

"With that success has come greater competition from other jurisdictions as well as many more opportunities for Bermuda," she added.

"Our name, while indicative of the partnership between the business community and government, no longer fully reflected the important role we play for the jurisdiction.

"We are delighted that our members have approved the change of our name to Business Bermuda, which will enable us to build on the strong foundation of accomplishments and success to date and more effectively market the jurisdiction, sound regulatory environment, financial stability and innovation to further grow international business."

The brand design, which was developed by ASGK Public Strategies and Aardvark, will have a new colour scheme of blue and green, as well as a design that reflects Bermuda's growing global aspirations and the traditional tall ships which were the foundation of Bermuda's position as an important trading partner linking Europe, North America, South America and the rest of the world.

"Along with a new name," Cheryl Packwood concluded, "we have evolved the Business Bermuda brand to further enhance our image and more effectively portray Bermuda's position in the global economy, while underscoring our historic role as a vital trading partner and link between the continents around the world."