Business
CSC Holdings Expands into Southeast Asia: Acquires $13M Stake in CS Bank of the Philippines
CSC Holdings is set to acquire a share in CS Bank of the Philippines for a sum of US$13 million. Pending regulatory approval in the Philippines, the purchase is anticipated to be finalized by year's end.
CSC Holdings, a company listed in Hong Kong and led by ex-CEO of Hang Seng Bank, Raymond Or Ching-fai, is set to acquire a share in the Philippines-based Citystate Savings Bank (CS Bank). The deal, worth 736 million pesos or approximately US$13 million, is a strategic move aimed at broadening the company's presence in Southeast Asia's financial sector.
On Monday, CSC announced its plans to purchase 26.8 per cent of the total existing shares of CS Bank, a sanctioned savings bank listed on the Philippine Stock Exchange. Generally, savings banks concentrate on receiving savings deposits and offering mortgage loans.
The acquisition cost is 2.4 times more than the net worth of CS Bank, taking into account the rarity of the bank's savings license, asset value and widespread branch network, according to a statement from CSC.
CS Bank was founded in 1997 and currently runs 34 outlets in the Philippines. The firm also provides services like cash handling, business and individual banking, and financial management.
"Southeast Asia is presently undergoing swift expansion, displaying considerable scope for growth in the financial sector," stated Or.
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