Hawaiian Electric Agrees To Sell Its Bank Subsidiary

Deal could help it as it resolves a nearly $2 billion agreement related to 2023 fires

- GINA HEEB

Hawaiian Electric Industries agreed to sell its community bank subsidiary to a group of investors on Tuesday. The deal could help the company as it resolves a nearly $2 billion settlement related to the Maui wildfires.

The group of nearly a dozen investors will pay around $405 million for a roughly 90% stake in American Savings Bank, the company said, while Hawaiian Electric will retain the rest.