Bank of Hawaii has reached an agreement to acquire $22 million worth of convertible notes issued by Bank of Queensland as part of an agreement to set up a strategic alliance with the Australian bank.

Bank of Hawaii, the main banking unit of Pacific Century Financial Corp., said the two companies plan to share facilities, expertise, products, and services, as well as business leads and credit risks. Bank of Hawaii also plans to set up a South Pacific regional headquarters at Bank of Queensland's offices in Brisbane.

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