Monday, January 14, 2002

Bank of Hawaii finalizes
sale of S. Pacific assets


Bank of Hawaii said yesterday it has completed the sale of its assets in French Polynesia and New Caledonia, essentially concluding the divestitures listed in the strategic plan.

Bank of Hawaii Bankoh's parent, Pacific Century Financial Corp., says the plan will allow the company to concentrate on its core markets -- Hawaii, the West Pacific and American Samoa.

The sale included all 17 branches of Banque de Tahiti and all eight branches of Bank of Hawaii-Nouvelle Caledonie, which altogether have about $1 billion in assets, $940 million in deposits, loans of $700 million and 450 employees.

The buyer was France-based Caisse Nationale des Caisses d'Epargne.

The price was not disclosed.

Bank of Hawaii said the net financial effect will be in line with the expected "break-even to slightly positive" reported when the sale agreement was reached in late October.

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