BANK OF TAHITI BEING SOLD TO FRENCH BANKING GROUP

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PAPE‘ETE, Tahiti, French Polynesia (October 30, 2001 – Tahitipresse)---The French banking group Caisse d'Epargne plans to buy the Bank of Tahiti, one of French Polynesia's largest banks, before the end of the year.

The Bank of Hawaii announced the move in a press release this week.

The Bank of Tahiti is currently a subsidiary of the Bank of Hawaii, which earlier this year decided to sell most of its assets in Pacific territories.

The press release noted that "the details of the transaction will be given as soon as an agreement is reached."

The Bank of Tahiti has approximately 265 employees. The Bank of Hawaii became its main shareholder in 1996.

The Bank of Hawaii already has sold its assets in Papua New Guinea, Vanuatu and Fiji, by signing an agreement in October with ANZ, (Australia and New Zealand Banking Group, Ltd).

The French banking group Caisse d'Epargne has many offices in French overseas territories. It is the third French bank in size, with 4,800 agencies and 26 million customers.

For additional reports from Tahiti Press, go to PACIFIC ISLANDS REPORT News/Information Links: Other News Sources: Agence Tahitienne de Presse.

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