HONOLULU - Bank of Hawaii, the flagship subsidiary of Pacific Century Financial Corp., announced late Wednesday that it had agreed to sell seven branches in the South Pacific to Australia and New Zealand Banking Group Ltd.
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Pacific Century said that the $50 million transaction would free up about $40 million of economic capital. The deal, which includes two branches in Papua New Guinea, two in Vanuatu, and three in Fiji, and total assets of about $180 million, is "tentatively scheduled" to close around yearend, the company said.
Pacific Century is in the midst of a restructuring program designed to help the company focus on its core Hawaiian market and free up $800 million of capital.
