BNP BNP Paribas

By Anthony Shevlin

BNP Paribas SA (BNP.FR) said Monday that it will reduce its stake in First Hawaiian Inc (FHB) to around 33% via the public offering of 20 million shares of common stock by an affiliate of BNP.

The offered shares will be priced at $27.90 each, First Hawaiian said in a separate statement Monday.

The selling stockholder has granted underwriters a 30-day option to purchase up to an additional three million shares of the company's common stock, First Hawaiian said.

Furthermore, First Hawaiian said it will buy back shares from the selling stockholder equal to around $50 million.

Upon completion of the public offering and share buyback, BNP's beneficial ownership stake will reduce to 33.3%--or 31% if the underwriters' option to purchase additional shares of the company's common stock is exercised in full--from around 48.8%, First Hawaiian said.

BNP expects the transaction to have a "positive impact of at least 10 basis points" on its common equity tier 1 ratio, a measure of capital strength. The transaction has no effect on the company's second-quarter results, the French bank said.

BNP added that, as of the third quarter, it will consolidate First Hawaiian under the equity method in its financial statements.

In May, BNP said it would reduce its stake in First Hawaiian following the sale of 15.3 million shares by an affiliate.

Goldman Sachs & Co LLC is acting as underwriter for the offering.

Write to Anthony Shevlin at anthony.shevlin@dowjones.com

(END) Dow Jones Newswires

July 30, 2018 10:37 ET (14:37 GMT)

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