BNP Paribas to sell more First Hawaiian shares
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.