Bank of Hawaii will buy Banque Paribas Pacifique and 70% of Banque Paribas Polynesie, two South Pacific banking units of France's Paribas banking group.
Banque Paribas Pacifique has three branches in New Caledonia, employs around 80 people, and has assets of about $251 million. Banque Paribas Polynesia has one branch, employs around 25 people, and has about $110 million of assets. After the deal closes, Bank Hawaii would have 17 branches across French Polynesia.
The two units will be integrated into Bank of Hawaii's existing subsidiaries in the two countries, Banque de Tahiti in French Polynesia and Bank of Hawaii-Nouvelle Caledonie in New Caledonia.
Bank of Hawaii has foreign offices in Polynesia and Micronesia as well as in Hong Kong, the Philippines, Nassau, Seoul, Singapore, Taipei, and Tokyo.
The bank's South Pacific subsidiaries and affiliates include Bank of Hawaii PNG in Papua New Guinea, Banque de Nouvelle Caledonie, Banque de Tahiti, Bank of Tonga, Banque d'Hawaii Vanuatu Ltd., Pacific Commercial Bank Samoa, and National Bank of Solomon Islands Ltd.