First Hawaiian parent
shareholders approve
BNP Paribas deal

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By Rick Daysog
rdaysog@starbulletin.com

Shareholders of First Hawaiian Bank's parent company overwhelmingly approved the company's $2.5 billion acquisition by BNP Paribas of France.

BancWest Corp. said that 99.3 percent of its stockowners who took part in today's special shareholder's meeting voted to approve BNP's $35-a-share cash offer. Walter Dods, BancWest's chairman and chief executive officer, said the company hopes to obtain regulatory approval from the Federal Reserve in the next few weeks. Dods added the deal will likely be completed in October.

"We're pleased at such tremendous support from our stockholders for this offer," Dods said. "I'm excited about moving forward with our friends at BNP. I believe the future will bring even faster growth for our retail banking operations in the West."

In the deal which was initially announced in May, 143-year-old First Hawaiian Bank and sister company Bank of the West and will become wholly owned units of BNP.

BNP, with assets of $646 billion, has owned 45 percent of BancWest since the 1998 merger between First Hawaiian and Bank of the West.

The $19.3 billion in assets BancWest -- which operates 252 branches in seven western states including Hawaii -- will continue to be headquartered in Hawaii and Dods will continue as its chairman and CEO.