Bank of Hawaii Negotiating Sale of French Polynesia and New Caledonia Operations with Caisse Nationale des Caisses d'Epargne
The transaction is anticipated to be completed before the end of 2001, subject to consultation with French workers' councils, the signing of a definitive agreement, and approval by French regulatory agencies. Details about the transaction will be provided when an agreement is reached.
Bank of Hawaii's operations in French Polynesia include 17 branches of its subsidiary bank, Banque de Tahiti, and approximately 265 employees. Its operations in New Caledonia include eight branches of subsidiary bank, Bank of Hawaii-Nouvelle Caledonie, and approximately 190 employees. Both subsidiary banks offer a full range of consumer, private and business banking services.
CNCE announced that this acquisition would enable it to strengthen its position in the French Overseas Departments and Territories (DOM-TOM), where it already maintains a presence in the French West Indies, Reunion island and Saint-Pierre-et-Miquelon. CNCE pointed out that the acquisition of Bank of Hawaii -- Nouvelle Caledonie, in particular -- would complement its financial institution in New Caledonia, Caisse d'Epargne de Nouvelle Caledonie, which is active in consumer banking.
Bank of Hawaii first entered French Polynesia in 1969 when the bank, together with other investors, established the Banque de Tahiti. In 1996, Bank of Hawaii acquired the majority interest in Banque de Tahiti. Bank of Hawaii's presence in New Caledonia dates back to 1974 when the bank, together with Credit Lyonnais and other investors, established the Banque de Nouvelle-Caledonie. In 1996, Bank of Hawaii acquired the majority interest in Bank of Hawaii-Nouvelle Caledonie.
On October 3, 2001, Bank of Hawaii announced it reached a definitive agreement to sell its operations in Papua New Guinea, Vanuatu and Fiji to Australia-based Australia and New Zealand Banking Group, Ltd. (ANZ).
Groupe Caisse d'Epargne is the third largest banking network in France with 4,800 branches and 26 million customers. It has total loans of 112.4 billion Euros and total deposits of 241.2 billion Euros; total assets of 264 billion Euros and 10 billion Euros equity with a ROE of 9.5 percent; and earnings which have increased by 24 percent in 2000 amounting to 826 million Euros.
Bank of Hawaii is the principal subsidiary of Pacific Century Financial Corporation (NYSE:BOH), a regional financial services company headquartered in Honolulu, Hawaii, with total assets of approximately $11.9 billion as of September 30, 2001.
CONTACT: Bank of Hawaii Stafford Kiguchi, 808/537-8580 (Media) email@example.com Cindy Wyrick, 808/537-8430 (Investors) firstname.lastname@example.org or Caisse d'Epargne Nathalie Delebarre, 33-158404395 email@example.com URL: http://www.businesswire.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page.
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