Eugene Cox

Investors who bought Bank of Bermuda stock recently in anticipation of a favorable government decision that would allow its shares to be listed on an overseas stock exchange have been rewarded.On December 8, 2000, Bermuda Minister of Finance Eugene Cox publicly disclosed that the bank, which is generally considered to be the biggest offshore bank, had been given an exemption from the law that prohibits foreign ownership of local companies to exceed 40 per cent.

Bank of Bermuda CEO Henry Smith became caught up in a public controversy recently over the bank's efforts to be exempted from a law the restricts foreign ownership of local companies to 40 per cent.