French banking giant BNP Paribas, which at one time owned all of First Hawaiian Bank, plans to reduce its stake in the state’s largest financial institution to under 20 percent. GOOGLE MAPS First Hawaiian Bank-Makiki Branch at 1111 South Beretania St. French banking giant BNP Paribas, which at one time owned all of First Hawaiian Bank, plans to reduce its stake in the state’s largest financial institution to under 20 percent. Hawaii’s largest bank said after the market closed Wednesday that BNP’s ownership of holding company First Hawaiian Inc. could drop to as low as 16.2 percent following the completion of a public secondary offering by a BNP affiliate. This will be the third secondary offering from BNP since it began selling shares through an initial public offering in August 2016 First Hawaiian said BNP intends to offer 20 million shares in the secondary offering that would generate gross proceeds of about $577 million, excluding expenses, and reduce the French bank’s stake to 18.4 percent from 33.3 percent. If the underwriters exercise a 30-day option to purchase up to an additional 3 million shares, then BNP’s stake would drop even further to 16.2 percent. First Hawaiian didn’t immediately announce the… Read full this story
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