BANK OF HAWAII PLANS FURTHER PACIFIC EXPANSION

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HONOLULU (June 21, 1997 - PIDP/CPIS) ---The Bank of Hawaii is pursuing the purchase of two more banks in the Pacific islands region, one in French Polynesia and one in New Caledonia.

Letters of intent have been signed to acquire Paribas Group's interests --85 percent and 70 percent, respectively--in both Banque Paribas Pacifique and Banque Paribas Polynesie. The transaction is expected to close during the third quarter of this year.

If the sale is concluded, Bank of Hawaii also is expected to make offers to acquire the remaining outstanding shares in the two Pacific Islands banks.

Bank of Hawaii is a subsidiary of Pacific Century Financial Corporation, which is Hawaii's largest financial organization. It owns and operates banks throughout Polynesia, Melanesia, and Micronesia.

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