business students.

The programme was announced yesterday at the Bank of Bermuda, which will offer an internship at the bank for the scholarship's recipient.

Mr. Ken Byrne, southeast district president for Reuters America Inc., said the Reuters America Financial Aid Fund will provide a $200,000 endowment over five years to provide scholarships for students from Bermuda attending the Wharton School at the University of Pennsylvania.

Each year, a student with an interest in business management, administration, or the financial markets will receive the scholarship.

"Bermuda is an important business community and financial market for the southeast business district,'' Mr. Byrne said. "This programme will enable Reuters to show its appreciation and support to the Bermudian community by enabling study at a leading academic institution for academically talented students for whom the cost of tuition would otherwise be prohibitive.'' Mr. Charles Vaughan-Johnson, president and chief executive officer of the Bank of Bermuda, said the Reuter Fellow will receive a summer internship at the bank.

"The Bank of Bermuda is proud to support Reuters' fellowship programme,'' Mr.

Vaughan-Johnson said. "Our affiliation ... augments the bank's dedicated and ongoing community support and scholarship initiatives for young Bermudians.

"Continuing education is the cornerstone of the bank's customer service.'' The first scholarship will be available for the 1995-96 school year and the programme will be administered by the Wharton School.

Mr. Thomas P. Gerrity, the dean, said the school's "internationally diverse student body'' was seen as one of its great strengths.

Founded in 1881 as the first collegiate school of management in the United States, Wharton has programmes at the undergraduate, MBA, doctoral, and executive education levels. It has 4,800 students from more than 60 countries enrolled in its degree programmes.

The endowment will be jointly funded by the southeast district of Reuters America and the Reuter Foundation, its educational trust.

Reuters America Inc. is the chief operating division in the Americas of Reuters Holdings PLC, the international news and financial information services group.

SCHOOL MONEY -- Bank of Bermuda CEO Mr. Charles Vaughan-Johnson (left) and Mr.

Ken Byrne, of Reuter