Bancorp Hawaii said it has reached an agreement with France's Credit Lyonnais to acquire majority stakes in Banque de Tahiti and Banque de Nouvelle Caledonie, adding two more links to its growing South Pacific network.

The holding company for Bank of Hawaii said it was awaiting regulators' approval to increase its shareholding in Banque de Tahiti to 86% from 38% and in Banque de Nouvelle Caledonie to 75% from 21%.

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