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Bank of Bermuda Invests $6.5m in First

12 December 1999

The Bank of Bermuda has made a $6.5 million strategic investment in First with the purchase of 1 million shares of First stock. The Bank of Bermuda, which completed the stock transaction on November 26, also holds warrants for an additional 1 million First shares.

"This investment demonstrates that both companies recognise the importance of working together to create a comprehensive, third-party processing solution for banks and their merchants all over the world," said Gregory Pek, First President and CEO.

"We've been working closely with First since earlier this year, and are very excited about what this investment will mean, not only for the two companies, but for the vast number of banks and their merchants that understand the clear advantage of outsourcing payment processing," said Alan Richardson, Executive Vice President, Retail Clients for the Bank of Bermuda Ltd. "Payment processing has always been the cornerstone of e-commerce and other types of credit card transactions, and we believe that First's payment processing solution will be regarded among the best."

The Bank of Bermuda provides international banking, trust, asset management, fund administration and global custody services to its corporate, private and retail clients.

As a global provider of electronic payment processing, First provides secure, easy-to-implement and low-cost online payment processing services to merchants and banks worldwide. Through strategic partnerships with Banks, ISPs, E-commerce system integrators and storefront solution providers, First Ecom can process credit card transactions made over the Internet in multiple currencies, either domestically or offshore in a tax-neutral jurisdiction.


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