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Application to form Bermuda Internet Bank Ltd.

An application has been made to incorporate what would be only the fourth bank in Bermuda and one that would transact business primarily over the Internet. The Bermuda Internet Bank Ltd. is a joint venture between the Bank of Butterfield, Mutual Risk Management Ltd., ACE Insurance, Natsteel Technologies, Keytech Ltd., which is the parent company of the Bermuda Telephone Company; and Singapore-based banker Sami Midani.