Monday, June 28, 1999

Bankoh buys more
of Australian bank

Star-Bulletin staff


Bank of Hawaii Bank of Hawaii has agreed to boost its ownership of the Bank of Queensland Ltd. to about 17 percent, with the $23 million purchase of 5.8 million new shares, or 10 percent of the Australian bank's stock.

Bank of Hawaii, the main subsidiary of Pacific Century Financial Corp., has had an ownership interest in the Bank of Queensland since it put capital into the bank in April 1998.

The two banks have had a strategic alliance since November 1997, sharing products, services, expertise and facilities.

Richard J. Dahl, Bank of Hawaii president, said the additional investment will strengthen that alliance.

"Our partnership with Bank of Queensland has been mutually beneficial, enabling us to leverage our existing presence in major Pacific markets and to extend our financial services throughout the Asia-Pacific region," he said.

Bank of Hawaii will pay half of the purchase prices for the Bank of Queensland shares when they are issued and the other half in February 2001. The banks said they hope to close the transaction in the third quarter of this year, subject to regulatory approval.

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