Fitch Ratings Upgrades United California Bank.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 18, 2002

Fitch Ratings upgraded the long-term and short-term ratings of United California Bank (UCB) and affirmed its individual and support ratings following the acquisition of UCB by BancWest Corporation (BWE), a subsidiary of BNP Paribas, from UFJ Bank, Ltd. of Japan. The ratings of BWE and its subsidiaries have been affirmed and the Rating Outlook remains Positive. (See below for a complete list of ratings). The Rating Outlook for BWE remains Positive as it is owned by the higher rated BNP (Short-term F1+ and Long-term AA). Additionally, while our ratings of BWE reflect the support of its parent, they also reflect the regional diversity of BWE's franchise, its sound financial condition and its generally improving earnings performance.

UCB is expected to be merged into BWE's bank subsidiary, Bank of the West, at the end of 1Q02. UCB is expected to be beneficial to BWE and BNP Paribas due to the possible synergies to be derived from this combination. However, this transaction does pressure BNP's capitalization.

Ratings Upgraded
United California Bank
--Uninsured deposits long-term to 'AA-' from 'A-';
--Uninsured deposits short-term to 'F1+' from 'F1';
--Senior long-term to 'A+' from 'A-';
--Senior short-term to 'F1+' from 'F1'.
Ratings Affirmed
United California Bank
--Individual 'B/C';
--Support '3'. BancWest Corporation
--Senior long-term 'A+';
--Senior short-term 'F1+';
--Individual 'B/C';
--Support '3'.
Bank of the West
--Uninsured deposits long-term 'AA-';
--Uninsured deposits short-term 'F1+';
--Senior long-term 'A+';
--Senior short-term 'F1+';
--Individual 'B/C';
--Support '3'.
First Hawaiian Bank
--Uninsured deposits long-term 'AA-';
--Uninsured deposits short-term 'F1+';
--Senior long-term 'A+';
--Senior short-term 'F1+';
--Individual 'B/C';
--Support '3'.