BNP's First Hawaiian IPO said to value bank up to US$4b

New York

FIRST Hawaiian Inc, the Honolulu-based bank owned by BNP Paribas SA that filed for an initial public offering this month, plans to set terms and sell its shares in the next couple of weeks, people with knowledge of the matter said.

The terms of the offering will imply a market value for the bank of US$3 billion to US$4 billion depending on where comparable lending institutions are trading, said the people, who asked not to be identified because the information is private. Previous projections put the bank's value at as much as US$5 billion, the people said.