International activities
It was not until 1959 that BOH made another novel move when it opened its first Pacific Islands branch on Kwajalein. Two years later, it opened a branch in both Palau and Guam. Ten years later, BOH continued its international expansion by absorbing Bank of American Samoa, which the Navy had established in 1914. That same year, it created Banque de Tahiti as a joint venture between itself and Crédit Lyonnais. The next year, BOH established a branch in Yap. Branches in Ponape and Kosrae followed in the subsequent years.
It also continued its expansion outside Hawaii with the establishment of a branch in Saipan. Three years later, BOH and Crédit Lyonnais established another joint-venture, Banque de Nouvelle Calédonie in Nouméa.
In 1980, BOH opened a branch in Tokyo.[30]
BOH acquired Wells Fargo Bank's Seoul, Korea, and Singapore operations in 1991.[31][32] Two years later, it acquired Banque Indosuez's operations in Vanuatu, which became Banque d’Hawaii (Vanuatu). That same year, BOH also opened its first branch in Suva, Fiji in 1993. Branches in Nadi and Lautoka followed. In 1994, BOH acquired Commonwealth Bank of Australia's 51% ownership in the National Bank of Solomon Islands.[33] BOH also acquired Crédit Lyonnais' holdings in Banque de Nouvelle Calédonie, giving BOH 91 percent ownership.[34]
Banque de Nouvelle Calédonie changed its name to Bank of Hawaii—Nouvelle Calédonie.[35] BOH also purchased Banque Indosuez Nuigini in Papua New Guinea from Banque Indosuez for $5.6 million[36] and renamed it Bank of Hawaii (PNG) Ltd. In addition to its main office in Port Moresby, Bank of Hawaii (PNG) also had an office in Lae, PNG's second port city on the Northeast Coast. Indosuez Nuigini was established in 1983 with 49 percent Indosuez participation, 41.5 percent Bank of Papua New Guinea, and the remainder public.
International acquisitions
In 1998, BOH bought 5.4mn convertible notes of Bank of Queensland for $22 million as part of a strategic alliance giving rise to a true reflecting of the convertible note value into 49% ownership at that time.[37][38] It also acquired 100 percent of Banque Paribas Pacifique (est. 1972; 3 branches) and 70 percent of Banque Paribas Polynésie (est. 1984; 1 branch).[39] BOH integrated the operations with Bank of Hawaii-Nouvelle Calédonie and Banque de Tahiti, respectively. In 1999, BOH bought 5.8mn shares (approx. 10 percent) in Bank of Queensland.[40]
Withdraw from international financial services markets
In 2001, BOH sold its 6.2mn shares and 5.4mn convertible notes in Bank of Queensland for $20 million and $16 million respectively.
