BNP Paribas to relinquish majority ownership of Hawaiian bank

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BNP Paribas is set to relinquish majority ownership of First Hawaiian in Honolulu.

An affiliate of the French banking giant plans to sell 15.3 million shares of First Hawaiian stock in a move that will reduce its stake from 62% to 49.9%. Another 1.5 million shares could be sold if there is enough demand, which would cut BNP Paribas’ stake to 48.8%.

The $20 billion-asset First Hawaiian has agreed to buy about 2.9 million shares of its own stock for $81.8 million, based on estimated pricing included in the prospectus. The agreement is subject to several conditions, including the successful completion of the public offering.

About 24.3 million shares of First Hawaiian’s stock were sold during its August 2016 initial public offering. Another 28.8 million shares were sold as part of a February 2017 offering.

No time was given for the offering.

Goldman Sach, Citigroup, Deutsche Bank Securities and J.P. Morgan are the joint book-running managers for the offering.

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