Posted at 10:49 a.m., Monday, January 14, 2002

Bank of Hawaii completes sale

The Bank of Hawaii said it completed the sale of its French Polynesia and New Caledonia operations to France-based Caisse Nationale des Caisses d'Epargne on Dec. 28.

Bank of Hawaii had said in October it was negotiating to sell its 17 branches of Bank of Hawaii's subsidiary bank in French Polynesia, Banque de Tahiti, and eight branches of its subsidiary bank in New Caledonia, Bank of Hawaii-Nouvelle Caledonie.

In a statement yesterday, Bank of Hawaii said, "The transaction ... will result in a net financial impact to the company in line with expectations of breakeven to slightly positive."

The sale involves approximately $940 million in total combined deposits, approximately $1.0 billion in total combined assets, the bank said.