BNP Paribas selling remaining stake in First Hawaiian

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BNP Paribas is selling its last remaining shares in First Hawaiian Bank in Honolulu.

An affiliate of the French banking giant will sell 24.9 million shares of First Hawaiian stock for $26.20 each. The shares represent a roughly 18.4% stake.

The $20 billion-asset First Hawaiian will not receive any of the $652.6 million in proceeds from the sale.

The offering is expected to close on Feb. 1.

First Hawaiian held an initial public offering in 2016. BNP relinquished its status as majority shareholder in mid-2018, then continued to sell shares.

J.P. Morgan Securities is the offering's underwriter.

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