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Bank of Butterfield Announces Sale Of Its London Subsidiary, Seymour Pierce Butterfield Limited

27 27 1998

Hamilton, Bermuda 19th November - The Bank of Butterfield & Son Limited, announced today that, agreement has been reached with Talisman House Plc for the sale of its London based institutional stockbreeding and corporate finance subsidiary, Seymour Pierce Butterfield limited, which trades as Butterfield Securities. The sale is subject to regulatory approval in the United Kingdom and is expected to be completed on 1st December 1998.

"The decision to sell Seymour Pierce Butterfield Limited (SPB) was made of our desire to focus on core business operations," said Calum Johnston, President and Chief Executive Officer of the Bank of Butterfield. "WE made a strategic decision to concentrate on and build those areas of our business which make Bank of Butterfield a vital community bank and specialist offshore financial services group. WE recognised that there was very little synergy between SPB and the rest of the Bank's operations."

SPB was acquired by bank of Butterfield in 1987 and reported a small loss for financial year 1998. "We are pleased that a mutually satisfactory conclusion has been reached which will be beneficial to the bank," added Mr. Johnston.

The transaction has no effect on the bank's other United Kingdom businesses, Davenham Group Plc, which operates out of Manchester and provides specialised lending services to the corporate sector