Just one week after announcing that it had acquired Thorand Bank and Trust, the Bank of N.T. Butterfield & Son Limited has announced that it has taken control of a second financial institution in The Bahamas.
In a press release, the Bermuda-based bank informed that it has acquired the entire share capital of Leopold Joseph (Bahamas) Limited.
Bank of Butterfield’s Executive Vice President Graham Brooks said that the acquisition complements its previous Bahamas purchase.
“This fits very well with our purchase of Thorand Bank and Trust,” he said. “Both businesses have high quality clients and when merged will form a solid foundation for growth in The Bahamas.”
Mr. Brooks said he and his partners anticipated a “smooth transition” as the operations’ dedicated, capable teams of employees continue to provide high quality services to clients.
He confirmed that the process of merging the operations will begin immediately and will be completed before the end of the year.
Bank of Butterfield President and CEO Alan Thompson said that the combination of two acquisitions in The Bahamas will enable the bank to have a strong presence in this “well- regarded jurisdiction.”
“We will focus on the delivery of a range of our core services, including private banking, wealth management and investment and pension fund management,” he said.
Leopold Joseph (Bahamas) Limited was established in 1996 and provides offshore trust and company formation and administration services, as well as fund administration and registrar services.
The bank will be renamed Butterfield Trust (Bahamas) Limited until it is merged with Bank of Butterfield (Bahamas) Limited [formerly Thorand Bank and Trust], officials say.
Leopold’s current Managing Director Ivylyn Cassar will reportedly be appointed to the Board of Directors of the merged operations and will hold a senior position reporting to Robert Lotmore, Managing Director of the Bank.
By Julian Reid, The Bahama Journal
