BNP Paripas is continuing to reduce its stake in First Hawaiian in Honolulu.
The French banking giant is planning to sell 20 million shares for $577 million as part of a secondary offering. The offering will reduce BNP's stake in First Hawaiian from 33% to about 18.4%.
BNP has granted underwriters a 30-day option to purchase another 3 million shares, which could reduce its stake to 16.2%.
First Hawaiian will not receive any of the proceeds. The offering is expected to close Sept. 10.
J.P. Morgan, Barclays, BofA Merrill Lynch and Citigroup are the underwriters.
