EXHIBIT 99.1


                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549




                     PACIFIC CENTURY FINANCIAL CORPORATION




                          EXHIBIT TO CURRENT REPORT ON
                         FORM 8-K DATED APRIL 25, 2001






                         Commission File Number 1-6887


               [PACIFIC CENTURY FINANCIAL CORPORATION LETTERHEAD]


FOR IMMEDIATE RELEASE


                      PACIFIC CENTURY FINANCIAL CORPORATION
                      SELLING SHARES IN BANK OF QUEENSLAND



         HONOLULU, HI (April 25, 2001) - Pacific Century Financial Corporation
(PCFC) today announced it has sold its 5.4 million convertible notes back to the
Bank of Queensland. The notes were originally purchased in April 1998. In
addition, Bank of Hawaii has entered into an agreement to sell all of its 6.2
million shares of Bank of Queensland common stock to a private Australian
investor.

         The decision to sell reflects PCFC's recent announcement of its new
Strategic Plan, which will focus activities on its core markets in Hawaii, the
West Pacific, American Samoa and Japan.

         Richard Dahl, PCFC President, said, "This action conforms to our
strategic intentions and we intend to redeploy the capital realized from this
transaction toward meeting other key objectives."

         Pacific Century Financial Corporation is a regional financial services
holding company with locations throughout the Pacific region. Pacific Century
and its subsidiaries provide varied financial services to businesses,
governments and consumers in four principal markets: Hawaii and the West
Pacific, South Pacific, Asia and selected markets on the U.S. Mainland. Pacific
Century's principal subsidiary, Bank of Hawaii, is the largest commercial bank
in the state of Hawaii.


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