BNP Paribas to Cut Stake in First Hawaiian to 49.9%
09 Mayo 2018 - 3:22AM
Noticias Dow Jones
By Pietro Lombardi
BNP Paribas SA (BNP.FR) said Wednesday that it will reduce its
stake in First Hawaiian Inc. (FHB) to 49.9%.
An affiliate of the French bank will sell 15.3 million shares,
or 10.96%, of First Hawaiian common stock in a secondary offering
for an aggregate public offering price of approximately $422
million, BNP said.
BNP said that First Hawaiian has already bought about 3 million
of its own shares from the French bank's affiliate for $81.8
million.
After the secondary offer is complete, BNP's First Hawaiian
stake will stand at 49.9%. The stake could further fall to 48.8% if
the underwriters exercise the option to purchase additional shares
in full, BNP said.
BNP Paribas said the deal will have a positive impact on its
common equity tier 1 ratio, a measure of capital strength.
The French bank will continue to fully consolidate First
Hawaiian in its financial statement.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
May 09, 2018 04:07 ET (08:07 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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