The British HSBC group has bought up the private bank, BANK OF BERMUDA (pre-tax profits of USD 83.9 millions in 2002 with 3000 employees in 13 countries) for USD 1.3 bn in cash. According to the terms of the agreement, BANK OF BERMUDA shareholders will receive 45 dollars for each share, or 40 dollars from HSBC, to which can be added a special dividend of 5 dollars by the BANK OF BERMUDA.