The Bank of N.T. Butterfield & Son Limited announced yesterday that it has acquired the entire share capital of Leopold Joseph (Bahamas) Limited. Last week, the company announced its acquisition of the Bahamas-based Thorand Bank & Trust, which is to be renamed Bank of Butterfield (Bahamas) Limited. Leopold Joseph will be renamed Butterfield Trust (Bahamas) Limited until it is merged with the new Bank of Butterfield (Bahamas) Limited.
Established in 1996, Leopold Joseph (Bahamas) provides offshore trust and company formation and administration services, as well as fund administration and registrar services. Current Managing Director Ivylyn Cassar said, *”We are pleased that we are well positioned to deliver a highly reputable and valuable business to The Bank of Butterfield, which we thoroughly welcome to The Bahamas.”*
A recent release from Bank of Butterfield says the latest acquisition fits very well with its purchase of Thorand Bank & Trust. According to Graham Brooks, Executive Vice President, International & Trust, both businesses have high quality clients and, when merged, will form a solid foundation for growth in The Bahamas. *”We anticipate a smooth transition as the operations’ dedicated, capable teams of employees continue to provide high quality services to clients.”*
Mr. Brooks also confirmed that a process of merging the operations will begin immediately, with anticipations that it will be completed prior to the end of the year. He acknowledged the ongoing support and co-operation of The Central Bank of The Bahamas during the negotiations to complete the transaction.
Commenting on the two acquisitions, Mr. Alan Thompson, Bank of Butterfield President & CEO, said, *”The combination of the two Bahamas acquisitions will enable us to establish a strong presence in this well regarded international business jurisdiction. We will focus on the delivery of a range of our core services including private banking, wealth management and investment and pension fund administration.”*
Headquartered in Bermuda, Bank of Butterfield also has offices in the Cayman Islands, The Bahamas, Barbados, Guernsey and the United Kingdom. It is a publicly traded corporation with its shares listed on the Bermuda and Cayman Islands stock exchanges.