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Bank of Bermuda Invests $6.5m in First Ecom.com

Tax-news.com

12 December 1999


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

"We've been working closely with First Ecom.com 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 Ecom.com'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 Ecom.com 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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