The Bank of N.T. Butterfield and Son Ltd. has shed another of its London subsidiaries, announcing yesterday it had reached an agreement with Talisman House Plc to sell stockbroking operation Seymore Pierce Butterfield Ltd. The price is not being revealed until regulatory approval in the UK is complete but bank executive vice president of international trust Graham Brooks said Butterfield is receiving a "small premium'' to the net book value.

The bank's foray into the UK has cost it dearly over the past financial two years. Over the past two financial years the bank has taken total charges of $50 million in provisions for potential loan losses in the London market and exited certain operations.

With the sale of Seymore Pierce, which Butterfield acquired in 1987, the bank's only UK operation is Davenham Group Plc. Davenham operates out of Manchester and provides specialised lending services to the corporate sector.

Seymore Pierce has 22 employees. Davenham has 35 employees.

"The decision to sell Seymore Pierce Butterfield Ltd. was made as a result of our desire to focus on core business operations,'' president and chief executive officer Calum Johnston said in a statement.

Seymore Pierce reported a small loss for financial year 1998. The subsidiary provides stockbroking services and research to small and medium sized businesses in the UK.