Financial Release

HONOLULU, Nov 29, 2001 (BUSINESS WIRE) -- Bank of Hawaii (BOH), the principal subsidiary of Pacific Century Financial Corporation (PCFC), announced today it has completed the sale of its operations in Papua New Guinea and Vanuatu to Australia-based ANZ. The company also stated that it anticipates finalizing the sale of its Fiji operations to ANZ by the end of the year.

The approximately $50 million purchase transaction for all three regions includes total assets of about $180 million. The sale of the operations is part of Bank of Hawaii's earlier announced strategic plan, which focuses its business on core markets, primarily Hawaii, the West Pacific and American Samoa.

Pacific Century Financial Corporation (NYSE: BOH) is headquartered in Honolulu, Hawaii, with total assets of approximately $11.9 billion as of September 30, 2001.

CONTACT:          Pacific Century Financial Corporation
                  Media Inquiries
                  Stafford Kiguchi, 808/537-8580 or 877/849-5423 (pager)
                  skiguchi@boh.com
                  Investor/Analyst Inquiries
                  Cindy Wyrick, 808/537-8430
                  or
                  ANZ Group Media Relations
                  Paul Edwards, 03-9273 6955 or 0409-655 550 (mobile)
                  edwardp12@anz.com

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