First Hawaiian Bank's Paris-based parent company has agreed to buy control of Belgium's biggest bank, a move that will make it Europe's largest bank when ranked by deposits.

BNP Paribas is buying parts of the struggling lender Fortis, for about $19.3 billion, according to the Associated Press. The deal was announced late Sunday by the Belgian and Luxembourg governments.

Under it BNP Paribas took a 75 percent stake in Fortis' operations in Belgium and Luxembourg — and avoided taking on most of Fortis' troubled credit derivatives portfolio.

First Hawaiian Bank is Hawai'i's largest financial institution by assets.