PARIS: BNP Paribas announced a secondary offering of shares in First Hawaiian Inc, resulting in the French bank relinquishing its majority ownership of the Hawaiian bank.
The sale of another part of its stake in First Hawaiian is expected to have a positive impact of 5 basis points on BNP Paribas' common equity tier 1 ratio - a key financial health indicator, which last stood at 11.6 percent.
BNP Paribas will sell 15.3 million shares in First Hawaiian bank at a price of $27.75 per share.
First Hawaiian will also buy back $81.8 million worth of its own shares. As a result, BNP Paribas' stake would fall to 48.8 percent from 61.9 percent, depending on whether underwriters exercise the option to purchase additional shares in full.
Goldman Sachs, Citigroup, Deutsche Bank and J.P. Morgan are acting as the underwriters for the share sale.
First Hawaiian Bank, whose roots go back to 1858, is Hawaii's oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan.
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