Decisions on Bank Applications
Bank of Hawaii (Banque Indosuez Niugini Ltd)
FEDERAL DEPOSIT INSURANCE CORPORATION
IN RE: Bank of Hawaii, Honolulu, Hawaii
Application to Acquire and Hold Stock in a Foreign Financial Entity
ORDER
The Board of Directors ("Board") of the Federal Deposit Insurance Corporation ("FDIC") has fully considered all available facts and information relevant to the application of Bank of Hawaii, Honolulu, Hawaii, for consent to acquire and hold, via its wholly-owned subsidiary Bank of Hawaii International, Inc., all of the issued and outstanding shares of Banque Indosuez Niugini Ltd, which has a wholly-owned subsidiary, Indoniu Finance Company Ltd, both of which are located in Port Moresby, Papua New Guinea.
Accordingly, it is hereby ORDERED that the application of Bank of Hawaii be and the same hereby is approved, subject to the following conditions:
1. That all necessary and final approvals shall have been obtained from the appropriate state and foreign authorities
2. That until the proposed acquisition is accomplished, the FDIC shall have the right to alter, suspend, or withdraw its approval should any interim development be deemed to warrant such actions; and
3. That if the proposed acquisition of all issued and outstanding shares of the foreign financial entity has not taken place within twelve months from the date of this ORDER, or unless, in the meantime, a request for an extension of time has been approved by the FDIC, the consent granted shall expire at the end of the said twelve-month period.
Dated at Washington, D. C., this 25th day of February, 1997.
BY ORDER OF THE BOARD OF DIRECTORS
FEDERAL DEPOSIT INSURANCE CORPORATION
IN RE: Bank of Hawaii, Honolulu, Hawaii
Application to Acquire and Hold Stock in a Foreign Financial Entity
STATEMENT
Pursuant to the provisions of section 18(D of the Federal Deposit Insurance Act and sections 347.4(a) and 303.5(d) of the Federal Deposit Insurance Corporation's ("FDIC") Rules and Regulations, Bank of Hawaii, Honolulu, Hawaii ("BOH"), a state-chartered nonmember insured bank, has applied for the FDIC's consent to acquire and hold, via its wholly-owned subsidiary Bank of Hawaii International, Inc., all of the issued and outstanding shares of Banque Indosuez Niugini Ltd ("BIN'), a foreign financial entity, which has a wholly-owned subsidiary, Indoniu Finance Company Ltd ("IFC"), both of Port Moresby, Papua New Guinea.
BIN is a commercial bank and its wholly-owned subsidiary, IFC, is a lease finance company. BIN conducts a full range of traditional banking services, including those which are incidental to its international and foreign business, none of which are conducted in the United States.
The Board of Directors ("Board") of the FDIC has fully considered all available facts and information relevant to the application of BOH. Based on the modest level of investment in relation to BOH's capital, BOH's satisfactory condition, and BOH's experience in successfully conducting banking operations on a domestic and international basis, the Board has concluded that the application should be approved, with certain general conditions as set forth in the ORDER. In making its determination, the Board has placed substantial reliance upon representations made by BOH.
THE BOARD OF DIRECTORS
FEDERAL DEPOSIT INSURANCE CORPORATION