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It’s a tangent from all the legislating about the Lahaina wildfires aftermath, but maybe not much of a departure. Hawaiian Electric Industries Inc., parent company of the utility, is contemplating the option of selling its subsidiary, American Savings Bank, according to Bloomberg News.
HEI is not commenting or even confirming, so there’s no established link with the 2023 fire disaster. But considering Hawaiian Electric’s reported legal challenges around the incident, and one valuation of the bank in the $600-million-to-$800-million range, the quest for capital makes sense.