Financial industry sources last week told The Tribune the bank was seeking a buyer for its business, which employs around 14 persons, but Leadenhall’s managing Director, William Jennings, categorically denied the claims.
Leadenhall has endured a difficult 2003, with Mastercard having withdrawn the institution’s license to issue credit cards with effect from July 29, “in response to increased regulatory pressure placed on Mastercard in the US” by the Internal revenue Service (IRS), which has mounted a three-year crack-down on use by its citizens of offshore credit cards.
By Neil Hartnell, The Tribune
