BNP Paribas set to list First Hawaiian Bank
Trade press has reported BNP Paribas prepares the listing of its US subsidiary First Hawaiian Bank.
According to Reuters, Goldman Sachs and Bank of America Merrill Lynch have been appointed as co-ordinaters for the listing.
First Hawaiian Bank’s value has been estimated at $4bn (€3.7bn) to $5bn (€4.6bn) by BNP Paribas, Reuters reported.
BNP Paribas is established in the United States through BancWest Corporation that shelters two retail banks: Bank of the West and First Hawaiian Bank.
Established in 1858, First Hawaiian Bank manages $18.9bn (€17.3bn) of assets and tallies 62 branches spread over Hawaii, Guam and Saipan.
Its net income has reached $172.5m (€158.3bn) over the first nine months of 2015.
BNP Paribas did not comment publicly a possible listing of its US subsidiary.
Last December, the group said “strategic alternatives” for First Hawaiian Bank were considered with the aim of helping BNP to reach regulatory capital requirements by mid-2017.