IT seems the Bank of N.T. Butterfield & Son Ltd. "can't get no satisfaction" when it comes to global expansion.

Yesterday London-based Leopold Joseph Holdings plc, reportedly the bank of legendary rock band The Rolling Stones, became the latest target of Bermuda's second-largest bank.

The Bank, which has made three acquisitions in the Bahamas in the last six months, started this week by posting profits earnings of $76.5 million for 2003 ? 14.6 per cent up on 2002.

Yesterday the Bank announced that it had offered $94.5 million for the London-based operation which specialises in financial services for clients with a high net worth.

Pending the approval of Leopold Joseph shareholders and regulatory bodies, the recommended cash offer will be ?9.50 per share, or ?51.5 million in total.

More than 30 bidders expressed an interest in Leopold Joseph, which, according to the newspaper, was "the bank of choice for 1960s showbiz celebrities like Mick Jagger's Rolling Stones and Cat Stevens".

The bank has 3,500 clients and 121 staff, 75 of them based in the City of London. It has also has wholly owned subsidiary operations in Guernsey.

Alan Thompson, president and CEO of the Bank of Butterfield, said: The acquisition of Leopold Joseph will enhance our presence in the UK and Guernsey and gives us a strong platform for further growth in the private banking arena in these markets.

"Leopold Joseph has a very good banking business, with a capable management team, dedicated employees, a respected reputation and a loyal client base."

The local bank's offer represents an 11.1 per cent premium over Wednesday's closing share price of ?8.55.

Leopold Joseph was founded in 1919 by a German immigrant whose sons sold the bank in 1963 to Robin Herbert.

Mr. Herbert, the current chairman, and his family own 20 per cent of the business and they stand to make around ?10 million if the deal goes through.

Mr. Herbert said: "Following an extensive strategic review, the board of directors of Leopold Joseph believe the offer by Bank of Butterfield represents the most attractive means of realising value for Leopold Joseph's shareholders.

"Leopold Joseph and the Bank of Butterfield share similar cultures and values, being strongly relationship driven and committed to highly personal service. Consequently, the directors unanimously recommend shareholders to accept the offer."