  We compute the two-loop corrections to the coefficient of the b --> s gamma
magnetic penguin present in the limits of heavy top and/or heavy higgs. This
kind of corrections affects in a significant way the observables measured at
LEP. On the contrary we find that, due to a numerical accident, the correction
to BR(B --> X_s gamma) is negligible (below the 1% level for any possible value
of the higgs mass) when the leading order result is expressed in the usual way
in terms of the semileptonic BR(B --> X_c \bar{e}\nu).
