HAWAII is an unlikely hotbed of economic multinationalism. After all, we think of ourselves as practically a separate country from what we generically call ''the mainland.'' The bank that says oui?
Our state law giving local contractors a big edge on government jobs over out-of-state bidders would seem utterly foreign in Yankee New England, where taxpayer pennies saved are pennies earned. Similarly, the campaign to keep a national home-improvement retailer out of Hawaii probably wouldn't happen in the Midwest where the interests of consumers likely would take precedence.
Yet, fewer and fewer local companies are locally owned these days. The Big Five have splintered and the splinters molded into the chipboard of a world economy where Chrysler and Mercedes are merging, United and Lufthansa are ''allies'' and Apple Computer just bought every advertising space on 22 cars on Tokyo's busiest downtown commuter train.
Despite this context, seeing Banque Nationale de Paris snap up 45 percent of First Hawaiian Bank was still a shock. What could be more ''Hawaiian'' than our No. 2 bank?
What made the deal click was First Hawaiian's acquisition of the Bank of the West, owned by the Banque. By eliminating duplication on the mainland, they expect to boost earnings. Will some jobs be lost here, too? Oui.
If it's any consolation, the Banque's website (http://www.bnp.fr) is in both French and English.
John Flanagan is editor and publisher of the Star-Bulletin.
To reach him call 525-8612, fax to 523-8509, send
e-mail to publisher@starbulletin.com or write to
P.O. Box 3080, Honolulu, Hawaii 96802.