HONOLULU - Bancorp Hawaii Inc. said a unit of its subsidiary Bank of Hawaii has completed the acquisition of an 80% interest in Banque Indosuez Vanuatu Ltd., in the South Pacific island nation of Vanuatu.
The shares were purchased from Banque Indosuez, Paris. The government of Vanuatu, formerly called New Hebrides, owns the remaining 20%.
The Vanuatu venture, to be renamed Banque d'Hawaii Vanuatu Ltd., will continue to operate from its main office in Port Vila and a branch in Luganville.
Bank of Hawaii recently increased its presence in the South Pacific with a branch in Suva, Fiji, and is seeking approval for a second branch in Nadi. The Hawaiian bank also has several branches in the region and affiliate relationships with Banque de Tahiti, Banque de Nouvelle Caledonie, Bank of Tonga, and Pacific Commercial Bank Ltd. in Western Samoa.
