French bank BNP Paribas is set to issue an initial public offer (IPO) for its subsidiary First Hawaiian Bank.

First Hawaiian Bank has filed an IPO application with the US securities regulator to raise funds worth $100m.

As of 31 March 2016, the bank had assets worth $19.1bn, operating 62 branches in the country.

In April, The Wall Street Journal reported that the bank was looking to raise nearly $1bn from the IPO that could take its valuations to between $4bn and $5bn.

The bank plans to trade on Nasdaq Global Select Market under the ticker symbol FHB and underwriters for the issue include Goldman Sachs Group, BofA Merrill Lynch and BNP Paribas.

However, the terms regarding the pricing of the issue were not disclosed.

The bank reported 1% decline in its net income to $213.8m last year compared to 2014.

Global rating agency Fitch Ratings affirmed a viability rating of “a-” for First Hawaiian Bank last month. The rating reflected its “superior earnings profile, solid capital and liquidity levels, and good asset quality.”

The agency also affirmed its rating for the bank’s parent company at 'A+' with a stable outlook.

In December, BNP Paribas said that it was contemplating strategic alternatives for First Hawaiian Bank to raise more capital and meet the regulatory requirements.

The rating agency said: “Fitch expects resolution of any strategic actions taken by the parent will likely go well beyond the typical review period of six months, and thus resolution of the rating watch would be predicated on detailed plans regarding strategic actions, such as filing for an initial public offering.”

Image: Le siège régional de BNP Paribas à Saint-Denis de la Réunion. Photo courtesy of Thierry Caro/Wikimedia Commons.