Bermuda Stock Exchange could benefit from bank takeover

Saturday, February 21, 2004

HAMILTON, Bermuda: As the sale of the Bank of Bermuda to global banking giant HSBC neared closure, President and CEO of the Bermuda Stock Exchange, Gregory Wojciechowski, speaking to the Bermuda Sun, expressed optimism that the bank's listing will act as catalyst for future developments and listings on the Bermuda Stock Exchange. 

We provide the ability to have a listing in a well-listed jurisdiction, on a well-regulated exchange," Mr Wojciechowski told the Sun. He added: "So to the extent HSBC has clients that might potentially seek a listing, this gives the exchange a portal or gateway if you will into a new universe of potential clients." 

The resolution to approve the amalgamation of the Bank of Bermuda with HSBC holdings was passed by shareholders at a Special General Meeting at the bank on Wednesday. The move came into effect on February 18. 

Mr Wojciechowski continued: "The association will be at the very least exactly what it is today and at the very best who knows. Perhaps we may see some exciting developments in terms of additional liquidity on the BSX in a new security." 

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