<PAGE> 1
================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from............to...............
Commission file number 0-7949
A. Full title of the plan and the address of the plan, if different from that of
the issuer named below:
BANCWEST CORPORATION DEFINED CONTRIBUTION PLAN
B. Name of issuer of the securities held pursuant to the plan and the address of
its principal executive office:
BANCWEST CORPORATION
999 Bishop Street
Honolulu, Hawaii 96813
Telephone number: (808) 525-7000
================================================================================
<PAGE> 2
BANCWEST CORPORATION
DEFINED CONTRIBUTION PLAN
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE
DECEMBER 31, 1999 AND 1998
<PAGE> 3
BANCWEST CORPORATION DEFINED CONTRIBUTION PLAN
INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAGE
<S> <C>
REPORT OF INDEPENDENT ACCOUNTANTS 2
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Plan Benefits
at December 31, 1999 and 1998 3
Statements of Changes in Net Assets Available for Plan Benefits
For the Years Ended December 31, 1999 and 1998 4
Notes to Financial Statements 5
SUPPLEMENTAL SCHEDULE:
Form 5500, Schedule H, Line 4i - Schedule of Assets Held for Investment
Purposes at December 31, 1999 14
</TABLE>
1
<PAGE> 4
REPORT OF INDEPENDENT ACCOUNTANTS
To the Qualified Account Balance Plans Committee
of BancWest Corporation
In our opinion, the accompanying statements of net assets available for plan
benefits present fairly, in all material respects, the financial position of the
BancWest Corporation Defined Contribution Plan (the "Plan") at December 31, 1999
and 1998, and the related statements of changes in net assets available for plan
benefits for each of the years then ended, in conformity with accounting
principles generally accepted in the United States. These financial statements
are the responsibility of the Plan's management; our responsibility is to
express an opinion on these financial statements based on our audits. We
conducted our audits of these statements in accordance with auditing standards
generally accepted in the United States which require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for the opinion expressed
above.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets held
for investment purposes as of December 31, 1999 has been presented for the
purpose of additional analysis and is not a required part of the basic financial
statements but is supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The supplemental schedule has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Honolulu, Hawaii
June 23, 2000
2
<PAGE> 5
BANCWEST CORPORATION DEFINED CONTRIBUTION PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1999 AND 1998
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1999 1998
------------ ------------
<S> <C> <C>
ASSETS:
Investments, at fair value (Note 4) $273,546,729 $172,340,537
Contributions receivable from employer 516,532 2,179,608
------------ ------------
Total assets 274,063,261 174,520,145
------------ ------------
LIABILITIES:
Accrued expenses -- 27,825
------------ ------------
Total liabilities -- 27,825
------------ ------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $274,063,261 $174,492,320
============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE> 6
BANCWEST CORPORATION DEFINED CONTRIBUTION PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1999 1998
------------ ------------
<S> <C> <C>
ADDITIONS:
Employer contributions (Note 7) $ 16,363,087 $ 10,397,586
Net appreciation of investments (Note 4) 41,297,309 21,094,743
Interest and dividend income 20,512,511 7,021,159
Transfer from other retirement plan (Note 5) 41,647,189 --
------------ ------------
119,820,096 38,513,488
DEDUCTIONS:
Payments made to participants 19,976,531 11,523,869
Administrative expenses 272,624 217,856
------------ ------------
20,249,155 11,741,725
------------ ------------
Increase in net assets 99,570,941 26,771,763
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of year 174,492,320 147,720,557
------------ ------------
End of year $274,063,261 $174,492,320
============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
<PAGE> 7
BANCWEST CORPORATION DEFINED CONTRIBUTION PLAN
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements of the BancWest Corporation (the "Company") Defined
Contribution Plan (the "Plan") have been prepared in conformity with
generally accepted accounting principles. The Plan presents in the statement
of changes in net assets available for plan benefits, the net appreciation
in the fair value of investments which consists of realized gains (losses)
and unrealized appreciation (depreciation) on those investments.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
the disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
RISKS AND UNCERTAINTIES
The Plan provides for various investment options in any combination of
mutual funds. Investment securities are exposed to various risks, such as
interest rate, market, and credit risks. Due to the level of risk associated
with certain investment securities, it is at least reasonably possible that
changes in the values of investment securities will occur in the near term
and that such changes could materially affect participants' account balances
and the amounts reported in the statement of net assets available for plan
benefits.
DEFINED CONTRIBUTION PLAN STRUCTURE
In May 1997, the Company appointed Putnam Fiduciary Trust Company ("Putnam")
as recordkeeper and Trustee of the Plan. Participants in the Plan have the
option of investing their contributions in any one of the following funds:
Putnam Voyager Fund, Putnam Income Fund, Putnam Stable Value Fund, Putnam
Vista Fund, BancWest Corporation Stock Fund, Putnam International Growth
Fund, Putnam S&P 500 Index Fund, Putnam Asset Allocation - Conservative
Portfolio, Putnam Asset Allocation - Balanced Portfolio, Putnam Asset
Allocation - Growth Portfolio, Putnam New Opportunities Fund, Putnam Growth
and Income Fund, Bishop Street Equity Fund, Bishop Street High Grade Income
Fund and Other Segregated Accounts.
The Company also has a 401(k) YesPay Savings Plan component of the Plan in
which eligible employees may elect to defer a portion of their compensation
by contributing to their YesPay Savings Account. Contributions and
transactions related to the YesPay Savings Account are accounted for
separately in the funds described above.
5
<PAGE> 8
BANCWEST CORPORATION DEFINED CONTRIBUTION PLAN
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
INVESTMENT VALUATION AND INCOME RECOGNITION
Investments in securities traded on national securities exchanges are valued
at the last reported sales price on the last business day of the year.
Notes and mortgages are valued at the lower of the unpaid principal balance
or estimated realizable value.
Security transactions are accounted for on a trade-date basis. The cost of
investments sold is determined by the specific identification method.
Dividend income is recorded on the ex-dividend date. Income from other
investments is recorded as earned on an accrual basis.
2. DESCRIPTION OF PLAN
The Plan is a defined contribution plan established to cover the employees
of substantially all subsidiaries of the Company. In 1999, the Plan was
amended to allow the accounts of Bank of the West (a wholly-owned subsidiary
of BancWest Corporation) employees who participated in the BNP U.S. Savings
Plan to be merged with and into the Plan (See Note 5 for further
discussion). The following description of the Plan provides only general
information. Participants should refer to the Plan document for a more
complete description of the Plan's provisions.
The principal provisions under the Plan are as follows:
PARTICIPATION: Employees who receive from the Company
or certain subsidiaries a regular
stated compensation other than a
pension, severance pay, retainer or fee
under contract are eligible under the
Plan. Eligible employees become members
on the first day of the month
coinciding with or following the
completion of one year of service in
which the employee worked 1,000 hours.
6
<PAGE> 9
BANCWEST CORPORATION DEFINED CONTRIBUTION PLAN
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
VESTING OF BENEFITS: 20% for each year of service with full
vesting after five years of service.
Full vesting is provided in case of a
member's death, retirement or
disability regardless of years of
service.
Employees are fully vested in Employer
Matching Contribution after one year of
service in their YesPay Savings Account
balance.
If the lump-sum present value of
accrued benefits is $5,000 or less, a
lump-sum payment of these benefits is
paid.
CONTRIBUTIONS - COMPANY: Prior to January 1, 1999, the Company's
contribution to the profit sharing
account was based on a formula that was
related to the percentage increase in
the Company's consolidated net
earnings, as adjusted for business
entities that had been acquired by the
Company during any Plan year, over the
previous year. The Company paid out
one-half (1/2) of the amount computed
as a cash bonus under the Company's
Bonus Plan for Employees. The other
half was contributed into the Plan. The
Plan was amended effective January 1,
1999 to state that no profit sharing
contributions would be made for any
Plan year commencing after December 31,
1998.
Each member may elect to defer from 1%
to 16% of his pre-tax compensation. The
amount by which compensation is reduced
is treated as a Company contribution to
the YesPay Savings Account. The Company
matches 150% for the first 1% of
contributions, 100% for the second 1%
of contributions and 50% for the third
1% of contributions. Matching
contributions are made by the Company
on a pay-period basis.
7
<PAGE> 10
BANCWEST CORPORATION DEFINED CONTRIBUTION PLAN
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
LOANS FROM MEMBER ACCOUNTS: Any member may borrow part of the net
value of his Deferred Defined
Contribution and YesPay Savings
Accounts for the purposes of assisting
the member in meeting any unusual or
unforeseen conditions in his financial
affairs. Loans are secured by the
member's vested account balance.
Members may not have more than two
loans outstanding at any one time.
Effective as of October 1, 1999, the
Plan was amended to limit the amount of
the loan to the amount required to
relieve the immediate financial
hardship.
ALLOCATION OF COMPANY Company contributions to the Plan are
CONTRIBUTIONS: allocated to members based upon the
relationship of the member's
compensation for the plan year divided
by the total compensation of all
members entitled to an allocable share
of the Plan contributions.
TREATMENT OF FORFEITURES: Forfeitures are applied to reduce
future contributions and administrative
expenses of the Company. Forfeitures
applied to reduce contributions and
administrative expenses of the Company
amounted to $114,650 and $348,692 in
1999 and 1998, respectively.
BENEFIT PAYMENTS: After the applicable benefit condition
is met, employees may elect to receive
their benefits in a lump-sum
distribution or in monthly or other
periodic equal installments as nearly
equal in amount as may be practicable
over a period not to exceed life
expectancy.
In addition, upon written application
and approval, a member may obtain a
hardship withdrawal not to exceed his
vested interest for medical expenses,
education and attendant expenses of a
child, and acquisition or improvement
of a member's home.
8
<PAGE> 11
BANCWEST CORPORATION DEFINED CONTRIBUTION PLAN
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
PLAN TERMINATION: In the event the Plan terminates, all
amounts credited to affected members'
accounts shall become nonforfeitable
and after payment of all related
expenses and adjustment of affected
members' accounts to reflect such
expenses, profits and losses and
forfeitures to date of termination,
each member or the beneficiary of any
member shall be entitled to receive his
entire interest in the Plan.
GENDER: The masculine pronoun, whenever used
herein, includes the feminine pronoun.
3. INVESTMENT PROGRAMS
The funds listed below were the investment options available to Plan
participants as of December 31, 1999 and 1998. Any of these funds may be
held in cash pending investment or distribution.
(a) PUTNAM VOYAGER FUND
The objective of this fund is to provide maximum growth through a
two-part strategy. Holdings are generally split between two types of
common stocks: foundation stocks and opportunity stocks. Foundation
stocks represent small to medium-sized companies with the potential for
above-average sales and earnings growth. Opportunity stocks represent
larger, well-established companies that show near-term growth potential
generally resulting from some change in the company's business plan or
competitive environment.
(b) PUTNAM STABLE VALUE FUND
The objective of this fund is to provide stability of principal while
earning a competitive rate of return. This fund invests in guaranteed
investment contracts ("GICs") or similar contracts issued by insurance
companies, banks and other financial institutions. Investments are made
only in companies that receive high credit ratings from the major rating
agencies.
(c) PUTNAM VISTA FUND
The objective of this fund is to create long-term capital appreciation
through investing primarily in mid-cap growth stocks. This fund invests
primarily in common stocks of medium-sized companies with equity market
capitalizations from $300 million to $5 billion.
9
<PAGE> 12
BANCWEST CORPORATION DEFINED CONTRIBUTION PLAN
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
(d) BANCWEST CORPORATION STOCK FUND
This fund consists of that portion of the assets of the Plan that
participants have elected to have invested, to the extent possible, in
shares of common stock of BancWest Corporation. The portion of this fund
not invested in shares will be held in cash or cash equivalent
investments pending the purchase of shares.
(e) PUTNAM INTERNATIONAL GROWTH FUND
The objective of this fund is to create long-term capital appreciation
by investing in a diversified portfolio of equity securities of
companies located in a country other than the United States. The fund's
investments will normally include common stocks, preferred stocks,
securities convertible into common or preferred stocks, and warrants to
purchase common or preferred stocks.
(f) PUTNAM S&P 500 INDEX FUND
The objective of this fund is to closely approximate the return of the
Standard & Poor's 500 Composite Stock Price Index. The fund primarily
invests in publicly traded common stocks either directly or through
collective investment trusts having a similar investment objective.
(g) PUTNAM ASSET ALLOCATION FUNDS
The Putnam Asset Allocation Funds provide different investment
objectives based on asset allocation. Common stocks are normally the
main type of the fund's equity investments. However, the fund may also
purchase preferred stocks, convertible securities, warrants and other
equity-type securities. The fund invests its assets allocated to the
fixed income securities in a diversified portfolio including both U.S.
and foreign government obligations and corporate obligations. The
following three investment portfolios are provided:
CONSERVATIVE PORTFOLIO
The objective of this fund is to provide long-term preservation
of capital by investing 35% of the Plan assets in equity
securities and 65% of the Plan assets in fixed income securities.
BALANCED PORTFOLIO
The objective of this fund is to maximize total return by
investing 65% of the Plan assets in equity securities and 35% of
the Plan assets in fixed income securities.
GROWTH PORTFOLIO
The objective of this fund is to provide long-term capital
appreciation by investing 80% of the Plan assets in equity
securities and 20% of the Plan assets in fixed income securities.
10
<PAGE> 13
BANCWEST CORPORATION DEFINED CONTRIBUTION PLAN
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
(h) PUTNAM NEW OPPORTUNITIES FUND
The objective of this fund is to provide long-term capital appreciation
by investing principally in common stocks of companies that possess
above-average long-term growth potential. Current dividend income is
only an incidental consideration. At present, Putnam has identified the
following sectors of the economy as having an above-average growth
potential over the next three to five years: personal communications,
media/entertainment, medical technology/cost-containment, environmental
services, applied/advanced technology, personal financial services and
value-oriented consuming.
Beginning on July 1, 1999, the Plan also made the following investment
options available to Plan participants:
(i) PUTNAM GROWTH AND INCOME FUND
The objective of this fund is to provide capital growth and current
income by investing primarily in common stocks that offer the potential
for capital growth while also providing current income.
(j) BISHOP STREET EQUITY FUND
The objective of this fund is to provide returns consistent with the
performance of the U.S. stock market, as generally measured by broad
U.S. stock market indices such as the S & P 500. The fund primarily
invests in common stocks and other equity securities that have potential
for capital appreciation, including convertible securities. The Bishop
Street Equity Fund receives investment advisory services from First
Hawaiian Bank (a wholly-owned subsidiary of BancWest Corporation).
(k) BISHOP STREET HIGH GRADE INCOME FUND
The objective of this fund is to provide high current income. This fund
primarily invests in high grade U.S. dollar-denominated debt obligations
of domestic corporations and the U.S. Government. This fund replaced the
Putnam Income Fund as an investment option available to Plan
participants. The Bishop Street High Grade Income Fund receives
investment advisory services from First Hawaiian Bank.
(l) SEGREGATED ACCOUNTS
Assets in this fund are invested in investment vehicles of the
participant's choice.
11
<PAGE> 14
BANCWEST CORPORATION DEFINED CONTRIBUTION PLAN
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
4. INVESTMENTS
At December 31, 1999 and 1998, the fair value of Plan investments were as
follows:
<TABLE>
<CAPTION>
1999 1998
<S> <C> <C>
INVESTMENTS AT FAIR VALUE AS
DETERMINED BY QUOTED MARKET PRICES:
MUTUAL FUNDS:
Putnam Voyager Fund $ 51,275,379* $ 33,433,797*
Putnam Income Fund -- 5,602,278
Putnam Stable Value Fund 29,638,166* 11,295,407*
Putnam Vista Fund 25,458,670* 14,156,353*
BancWest Corporation Stock Fund 14,238,374* 15,308,283*
Putnam International Growth Fund 14,535,451* 7,600,491
Putnam S&P 500 Index Fund 28,113,223* 18,910,989*
Putnam Asset Allocation -
Conservative Portfolio 11,227,335 8,708,139
Putnam Asset Allocation -
Balanced Portfolio 17,775,277* 15,231,741*
Putnam Asset Allocation -
Growth Portfolio 15,812,343* 12,701,370*
Putnam New Opportunities Fund 45,383,794* 26,561,910*
Putnam Growth and Income Fund 5,630,335 --
Bishop Street Equity Fund 1,035,859 --
Bishop Street High Grade
Income Fund 6,218,127 --
Segregated Accounts 2,956,290 --
------------ ------------
269,298,623 169,510,758
------------ ------------
INVESTMENTS AT ESTIMATED FAIR VALUE:
Promissory notes 4,248,106 2,829,779
------------ ------------
Total investments $273,546,729 $172,340,537
============ ============
</TABLE>
* Represents five percent or more of the Plan's net assets at December 31, 1999
and 1998.
For the years ended December 31, 1999 and 1998, the net appreciation of
investments, which consisted of realized and unrealized gains and losses,
was comprised of the following:
<TABLE>
<CAPTION>
1999 1998
<S> <C> <C>
INVESTMENTS AT FAIR VALUE AS DETERMINED BY
QUOTED MARKET PRICES:
Mutual funds $ 42,234,267 $ 21,094,743
Segregated accounts (936,958) --
------------ ------------
Net appreciation of investments $ 41,297,309 $ 21,094,743
============ ============
</TABLE>
Dividend income earned from investments in BancWest Corporation common stock
amounted to $435,028 and $319,050 in 1999 and 1998, respectively.
12
<PAGE> 15
BANCWEST CORPORATION DEFINED CONTRIBUTION PLAN
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
5. TRANSFER FROM OTHER RETIREMENT PLAN
Effective January 1, 1999, the Plan was amended to include Bank of the West
as a participating employer in the Plan. Concurrently, the accounts of Bank
of the West employees who participated in the BNP U.S. Savings Plan were
merged with and into the Plan. The BNP U.S. Savings Plan was established for
the benefit of eligible employees of United States affiliates of Banque
Nationale de Paris ("BNP").
6. TAX STATUS
The Plan constitutes a qualified trust under Section 401(a) of the Internal
Revenue Code and is therefore exempt from Federal income taxes under the
provisions of Section 501(a).
The Plan was amended, effective January 1, 1997, to incorporate the Small
Business Protection Act of 1996. The Plan's management received an updated
tax determination letter from the Internal Revenue Service in 1997. Although
amended since 1997, management believes that the Plan is currently designed
and is being operated in compliance with the applicable requirements of the
Internal Revenue Code.
7. EMPLOYER CONTRIBUTIONS
In 1998, employer contributions consisted of profit sharing contributions,
401(k) contributions made on behalf of the participants through salary
deferral and 401(k) matching contributions. In 1999, as a result of an
amendment to the Plan, employer contributions consisted only of 401(k)
contributions made on behalf of the participants through salary deferral and
401(k) matching contributions.
13
<PAGE> 16
BANCWEST CORPORATION DEFINED CONTRIBUTION PLAN
FORM 5500, SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1999
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DESCRIPTION OF NUMBER OF
IDENTITY OF ISSUER INVESTMENT SHARES FAIR VALUE
------------------ -------------- --------- ------------
<S> <C> <C> <C>
MUTUAL FUNDS:
Putnam Voyager Fund Open-end 1,622,646 $ 51,275,379
Putnam Stable Value Fund Open-end 29,636,916 29,638,166
Putnam Vista Fund Open-end 1,431,757 25,458,670
BancWest Corporation Stock Fund Open-end 729,857 14,238,374
Putnam International Growth Fund Open-end 487,943 14,535,451
Putnam S&P 500 Index Fund Open-end 804,779 28,113,223
Putnam Asset Allocation - Conservative Portfolio Open-end 1,063,195 11,227,335
Putnam Asset Allocation - Balanced Portfolio Open-end 1,370,499 17,775,277
Putnam Asset Allocation - Growth Portfolio Open-end 1,034,162 15,812,343
Putnam New Opportunities Fund Open-end 491,123 45,383,794
Putnam Growth and Income Fund Open-end 299,965 5,630,335
Bishop Street Equity Fund Open-end 57,934 1,035,859
Bishop Street High Grade Income Fund Open-end 662,207 6,218,127
SEGREGATED ACCOUNTS Open-end 2,956,290 2,956,290
-------------
269,298,623
-------------
Due 8/1/99 - 9/1/28
PROMISSORY NOTES 7.75% - 13.50% -- 4,248,106
------------
Total assets held for investment purposes $273,546,729
============
</TABLE>
NOTE: All of the Plan's assets held for investment purposes are
participant-directed.
14
<PAGE> 17
REQUIRED INFORMATION
BancWest Corporation Defined Contribution Plan ("Plan") is subject to the
Employee Retirement Income Security Act of 1974 ("ERISA"). Therefore, in lieu of
the requirements of Items 1-3 of Form 11-K, the financial statements and
schedules of the Plan for the two fiscal years ended December 31, 1999 and 1998,
which have been prepared in accordance with the financial reporting requirements
of ERISA, are incorporated herein by this reference.
SIGNATURES
The Plan: Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
BANCWEST CORPORATION DEFINED CONTRIBUTION PLAN
Date June 28, 2000 By /s/ SHEILA M. SUMIDA
-------------------------------------
SHEILA M. SUMIDA
PLAN ADMINISTRATOR
<PAGE> 18
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statements on Form S-8 (File Nos. 333-22107 and 333-75483) and the
Post-Effective Amendment on Form S-8 to Form S-4 (File No. 333-76271) of
BancWest Corporation of our report dated June 23, 2000 relating to the financial
statements and schedules of the BancWest Corporation Defined Contribution Plan
as of and for the years ended December 31, 1999 and 1998, which appears in this
Form 11-K.
/s/ PricewaterhouseCoopers LLP
Honolulu, Hawaii
June 27, 2000
