The identity of the senior executive leaving the Bank of Bermuda had still not been confirmed yesterday.

Unofficial reports from inside and outside the bank indicated that chief financial officer Edward Gomez may be the one going.

It was announced on Tuesday that the Bank of Bermuda was, subject to regulatory and shareholder approval, to be taken over by multinational bank HSBC for a $1.3 billion price tag.

At a joint Press conference announcing the development, bank management also revealed that one of their own would be leaving.

Both parties said the make-up of the Bank of Bermuda's board and senior executive was to stay the same with the exception of one as yet unnamed executive who would be departing. Mr. Gomez, who has been CFO since 1995 and with the bank since 1988, has been recovering for some months from back surgery earlier in the year.

Bank CEO Henry Smith told analysts in a conference call following the release of their third quarter earnings earlier this month that "our chief financial officer's (Ed Gomez) recovery from surgery has taken rather longer than anticipated," when talking about a possible date for a road show to meet with analysts.

Questions over Mr. Gomez's future with the bank were fuelled by the news that HSBC is sending two senior managers to the Island, and that one of those will be a CFO.

Yesterday a bank spokesperson confirmed that Mr. Gomez was still recovering abroad but could not confirm if he planned to leave the bank for personal reasons or otherwise.

But she added that she could confirm that "HSBC have said that they are bringing in two senior managers, one will be a CFO".