French lender BNP Paribas has sold a 15% stake, which worth about $485m, in its US subsidiary First Hawaiian Bank through an initial public offering (IPO).

First Hawaiian Bank sold 21.09 million shares for $23 per share in its IPO, the Honolulu-based lender said in a statement.

The move represents the biggest IPO of a bank in the US since Royal Bank of Scotland (RBS) spun off Citizens Financial Group in 2014.

BNP Paribas, who now controls about 85% of the Hawaiian lender, will receive all the proceeds from the IPO.

First Hawaiian Chairman and CEO Robert Harrison said: "With today's event, we return to our roots as a public company traded on Nasdaq, where First Hawaiian's predecessor holding company was previously listed from 1974 until 1998. 

"Our senior management team knows that we stand on the shoulders of our employees past and present. Our mahalos go out to our 2,100 employees, as well as to our customers in Hawaii, Guam and Saipan who trust us with their business every day."

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First Hawaiian Bank, which is Hawaii's oldest and largest bank, offers personal, private and business banking services such as equipment leasing, automobile financing, mortgage and commercial lending, merchant services, trust, insurance, wealth management and retirement planning.