Bank of Hawaii and Bank of Queensland Announce Strategic Alliance.HONOLULU--(BUSINESS WIRE)--Nov. 24, 1997--Bank of Hawaii and Bank of Queensland Bank of Queensland (ASX: BOQ), one of the Australian state of Queensland's oldest financial institutions, is a full-service retail bank with a growing network of 240 branches and 13 business banking offices throughout Australia. have announced a strategic alliance that will enable both companies to broaden their geographic reach in the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. . Bank of Hawaii Bank of Hawaii, a subsidiary of Bank of Hawaii Corporation (NYSE: BOH), is a regional commercial bank headquartered in Honolulu, Hawaii. It is Hawaii's second oldest bank and its largest locally owned bank in that majority of the voting stockholders reside within the state. , through its Bank of Hawaii International, Inc. subsidiary, has agreed, subject to regulatory approval, to purchase 5.4 million Bank of Queensland Convertible Notes, a transaction that will raise approximately AUD AUD In currencies, this is the abbreviation for the Australian Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 31.0 million (approx. US $22.0 million) in new capital for the Bank of Queensland. In addition, the two organizations have identified several areas in which they can work together for mutual benefit, including the sharing of expertise and facilities. The cooperative arrangement will facilitate the flow of transactions between the two banks. Other areas of exchange will include the sharing of products and services, operational development, personnel exchanges, the linking of information systems, the sharing of business leads and credit risk and, potentially, the establishment of Bank of Hawaii's South Pacific Regional Headquarters at Bank of Queensland in Brisbane. The partnership will enable Bank of Hawaii to strengthen its trans-Pacific franchise. "Until now the missing link for us in the chain around the Asia/Pacific Rim has been Australia," said Richard Dahl, Bank of Hawaii's president. "The circle is now complete with Queensland filling the gap." "With our existing presence in the major Pacific markets, we are strategically positioned to provide financial services throughout the Pacific Rim and to capture trade-flows between the South Pacific, Asia and the U.S. Mainland," Dahl said. Bank of Queensland Chairman Neil Roberts noted that Australia is a linchpin linch·pin or lynch·pin n. 1. A locking pin inserted in the end of a shaft, as in an axle, to prevent a wheel from slipping off. 2. in the growing flow of trade among countries of the Asia/Pacific region. The partnership will enable Bank of Queensland to extend its services in Asia and the (more) Pacific. "Strategically, Bank of Queensland customers now have representatives on the ground, not only throughout Australia, but also in East Asia, the South Pacific, the West Pacific and on the U.S. Mainland," said Roberts. Under the terms and conditions of the agreement, the convertible notes will be issued at a price of AUD 5.70 (approx. US $4.00) each and bear an interest rate of 6.375%. The notes will be convertible into ordinary shares at Bank of Hawaii's election and, if not converted, will be repayable on November 23, 2007. Bank of Hawaii is the 50th state's largest financial institution and the principal subsidiary of Pacific Century Financial Corporation, a holding company with assets of $14.9 billion. Through its network of branches, in-store branches, ATMs and on-line services, Bank of Hawaii provides varied financial services to businesses, governments and consumers in Hawaii and throughout the Asia-Pacific region. Bank of Hawaii maintains offices in American Samoa, the Commonwealth of the Northern Marianas, the Federated Connected and treated as one. See federated database and federated directories. States of Micronesia, Fiji, Guam, the Marshall Islands, Palau, Hong Kong, the Philippines, Nassau, New York Nassau, the name of several places in New York State, may refer to:
 ə, –y , Banque de Nouvelle Caledonie, Banque de Tahiti, Bank of Tonga, Banque d'Hawaii (Vanuatu), Ltd., Pacific Commercial Bank (Samoa), and National Bank of Solomon Islands National Bank of Solomon Islands (NBSI) has the largest branch (8) and agency (8) network in the Islands. Although the Bank overall is profitable, the branches and agencies outside Honiara, the capital, are running at a loss. , Ltd. Bank of Queensland, established in 1874 and headquartered in Brisbane, Australia, is a commercial bank with 95 locations throughout the state of Queensland, located in northeastern Australia. The bank has approximately AUD 2.5 billion (approx. US $1.75 billion) in assets. CONTACT: Bank of Hawaii Linda Chinn, 808/537-8658 or 808/363-5383 (pager) Lance Tanaka, 808/537-8351 |
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