Bancorp Hawaii Inc. said it has completed the purchase of Indosuez Niugini Ltd. in Port Moresby, the capital of Papua New Guinea.

Indosuez Niugini Bank has assets of $83.2 million and two branches on the island of Papua New Guinea.

Indosuez Niugini will be renamed Bank of Hawaii (PNG) Ltd., Bancorp Hawaii said.

"The acquisition will add value to our Pacific franchise and strengthen our network throughout the Asia-Pacific region," said Lawrence M. Johnson, Bancorp Hawaii's chairman and chief executive officer.

Mr. Johnson added that Bancorp Hawaii now has a presence in all the major Pacific island nations, including Guam, Pohnpei, Kosrae, Yap, Saipan, Palau, Majuro, American Samoa, Fiji, French Polynesia, New Caledonia, the Solomon Islands, and Vanuatu.

Bancorp Hawaii has assets of $14 billion.

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