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Topic: Bermuda's oldest bank buys Leopold Joseph (ssc) Return to archive
02-06-04 10:56 AM
moy Bermuda bank buys Leopold Joseph
Patrick Hosking, Evening Standard
5 February 2004

RIVATE bank Leopold Joseph, which counts the Rolling Stones among its well-heeled clientele, gave up its independence after 85 years.

The bank has agreed to a £51.5m cash offer from Bermuda's oldest and second-biggest bank, NT Butterfield.


Butterfield is offering 950p per share, an 11% premium to yesterday's closing share price and 44% above the prevailing price last September just before Leopold Joseph announced it was putting itself up for sale.


More than 30 bidders expressed an interest in the bank, which has discreetly looked after the money affairs of the wealthy for decades, and was for a while the bank of choice for 1960s showbiz celebrities like Mick Jagger's Rolling Stones and Cat Stevens.


Butterfield said it had irrevocable acceptances for 74% of the shares including from the directors, Royal London Mutual* Insurance, which has 29%, and Wesleyan Assurance Society.


Leopold Joseph chairman Robin Herbert said the offer represented 'the most attractive means of realising value for shareholders'. It would also be a good overall outcome for the 3,500 clients and for the 120 employees, 75 of them in the City.


The bank launched a strategic review last September after admitting it did not have the resources to pursue opportunities as an independent entity.


Other private banks have already sought the deep pockets of a bigger parent, including Coutts, now owned by Royal Bank of Scotland, and Cater Allen, part of Abbey National.


Butterfield, listed on the Bermuda and Cayman Islands stock exchanges, already owns a small private bank in London.

Leopold Joseph was founded in 1919 by a German immigrant whose sons sold the bank in 1963 to Herbert, who is 70 this year, and Prince Rupert Loewenstein. It was floated in 1971.


The deal will give about £10m to Herbert and his family, who own about 20% of the business. The other directors will make about £5m.


Leopold Joseph chief executive Michael Quicke said it was too early to say whether there would be any job losses. The aim was to run the two London businesses separately at first but bring them together eventually.


'It's a pretty good fit,' he added.


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