Bank of Hawaii to Conclude Alliance Deal With the Bank of Queensland.HONOLULU--(BUSINESS WIRE)--April 30, 1998--Bank of Hawaii (NYSE NYSE See: New York Stock Exchange :BOH) has received regulatory approval to acquire 5.4 million 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. Convertible Notes, a transaction that will raise approximately AUD 31.0 million (approximately US $20.0 million) in new capital for the Bank of Queensland. The two banks had announced their intent to enter into a strategic alliance involving the exchange of notes as well as the sharing of expertise and facilities last November. The transaction was concluded today following approval from the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). and the State of Hawaii on April 28, 1998. "With this approval, we will move forward to implement a cooperative arrangement that will result in benefits for both 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. and the Bank of Queensland," said Richard J. Dahl, Bank of Hawaii's president. "We have identified several areas of opportunity, including the sharing of expertise and facilities as well as the linking of information systems, that will enable us to leverage our presence in the Pacific Region through this alliance." Bank of Hawaii is the 50th state's largest financial institution and the principal subsidiary of Pacific Century Financial Corp. Bank of Hawaii serves businesses, governments and consumers in Hawaii and throughout the Asia-Pacific region through locations in American Samoa, the commonwealth of the Northern Marianas, the Federated 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:
Bank of Hawaii's south Pacific subsidiaries and affiliates include Bank of Hawaii (PNG) in Papua New Guinea Papua New Guinea (păp`  ə, –y , Bank of Hawaii -- 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. CONTACT: Bank of Hawaii Linda Chinn, 808/537-8658 or pager 808/363-5383 (Media) Sharlene Bliss, 808/537-8037 (Investors/Analysts) www.boh.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion