Hawaiian Electric weighing sale of American Savings Bank, Bloomberg News reports

By Thomson Reuters Apr 25, 2024 | 10:48 AM

(Reuters) – Hawaiian Electric Industries is weighing the sale of its American Savings Bank FSB, Bloomberg News reported on Thursday citing people familiar with the matter.

Hawaiian Electric is working with advisers to consider various options for the bank, including a full or partial sale, the report said, which added that no final decision has been made.

Hawaiian Electric is facing multiple lawsuits over a wildfire that tore through the island of Maui last year, killing at least 100 people.

In November, the company said it was unable to submit its quarterly filing with U.S. securities regulators on time due to financial contributions it made towards victims of the wildfire.

Hawaiian Electric and American Savings Bank did not immediately reply to Reuters’ requests for comment.

(Reporting by Mrinalika Roy in Bengaluru; Editing by Krishna Chandra Eluri)