Leumi Bank Acquires Riggs U.K.
Israeli bank buys out Riggs private banking and trustee services in Jersey Island
Bank Leumi reported Sunday that it had acquired the Riggs Bank and Trust Company of Jersey Island for a sum of $37 million.
The acquisition, which includes part of the Riggs London branch business, was made through Leumi’s UK subsidiary.
Riggs provides private banking and trustee services. The Bank of Israel and the regulatory authorities in Jersey approved the acquisition.
Within the terms of the agreement, Leumi is to acquire the company’s capital shares in exchange for $25 million, as well parts of the business from the London branch. Leumi will also acquire Riggs’ loan and deposit portfolios for an additional $12 million.
The acquisition includes customer deposits and investments totaling $120 million, credit portfolios totaling $165 million and business trust funds totaling $430 million.
Leumi Britain opened its business in 1902. The bank offers commercial and private banking services, international trade and a wide range of other banking services. The bank focuses on business development affiliated to Israel and Israeli companies operating in Britain. Its equity is estimated at more than 100 million British pounds.
