NEW YORK/PARIS — BNP Paribas, France’s largest bank, raised $485m from the sale of a stake in Honolulu-based consumer bank First Hawaiian after fetching prices at the top of the marketed range.First Hawaiian is set to start trading on the Nasdaq Global Select Market after selling 21.09-million shares at $23 apiecein an initial public offering. The shares were offered at $21 to $23 each, with Goldman Sachs, Bank of America and BNP managing the sale.BNP Paribas,which still owns about 85% of First Hawaiian, plans to sell the rest of the business to reinforce its core reserves. Like other big banks, BNP is strengthening its capital position in response to harsher regulatory requirements.After the disposal, it will still be one of the rare European lenders with a sizable US retail presence through its San Francisco-based division Bank of the West, which is active in 23 states."It’s a very nice asset, but with very little synergies with the rest of their retail activities in the US," said...
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