Honolulu Star-Bulletin Business

Bancorp buys
Papua New Guinea bank

The $5.6 million purchase is
part of its Pacific expansion plans

By Rick Daysog

Bancorp Hawaii Inc., in its push to expand throughout the Pacific Rim, has acquired a Papua New Guinea bank for $5.6 million.

Bancorp, the state's largest financial institution and parent of Bank of Hawaii, yesterday said it has completed its purchase of Indosuez Niugini Bank Ltd. and its subsidiary, Indoniu Finance Co., from Banque Indosuez, giving it a presence in most of the major Pacific island nations.

Indosuez, which has two branches, lists $83.2 million in assets and has 55 employees. Bancorp said it plans to retain all employees. The bank will be renamed Bank of Hawaii (PNG) Ltd.

"The acquisition of Bank of Hawaii (PNG) will add value to our Pacific franchise and strengthen our network throughout the Asia-Pacific region," said Lawrence Johnson, chairman and chief executive of Bancorp.

The deal is the second between Bancorp and Banque Indosuez, which is based in Paris. In 1993, Bancorp acquired Banque Indosuez's interest in Banque d'Hawaii (Vanuatu) Ltd.

Bancorp, in the process of changing its name to Pacific Century Financial Corp., said it now has a presence in 14 of the 21 nations in the Pacific island region.

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