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Bank of Butterfield Announces Second Acquisition In The Bahamas
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.
Graham Brooks, Executive Vice President, International & Trust, Bank of Butterfield, said, "This acquisition fits very well with our purchase of Thorand Bank & Trust, announced on August 25. 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." He confirmed that a process of merging the operations will begin immediately and will be completed prior to the year end. Mr. Brooks acknowledged the ongoing support and co-operation of The Central Bank of The Bahamas during the negotiations to complete the transaction.
Bank of Butterfield President & CEO, Alan Thompson 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."
As announced on August 25, Thorand Bank & Trust will soon be renamed Bank of Butterfield (Bahamas) Limited. Leopold Joseph (Bahamas) Limited will be renamed Butterfield Trust (Bahamas) Limited until it is merged with Bank of Butterfield (Bahamas) Limited. Ivylyn Cassar, currently Managing Director of Leopold Joseph (Bahamas) Limited, will be appointed to the Board of Directors of the merged operations and will hold a senior position, reporting to Robert Lotmore, Managing Director.
Graham Brooks will be the Chairman of the Board of Directors of Bank ofButterfield (Bahamas) Limited and will be joined on the Board by fellow Bank of Butterfield executives Wendell Emery, Executive Vice President,Operations & Information Technology, and Ronald Simmons, Senior Vice President & Chief Accountant.