Business
CSC Holdings Set to Acquire $13 Million Stake in CS Bank of Philippines, Expanding into Southeast Asia’s Financial Markets
CSC Holdings is set to purchase a share in CS Bank in the Philippines at a cost of US$13 million. The deal, which is awaiting approvals from Philippine regulators, is anticipated to be finalized by the year's end.
CSC Holdings, a company listed in Hong Kong and led by Raymond Or Ching-fai, the ex-CEO of Hang Seng Bank, plans to acquire a share in the Philippine's Citystate Savings Bank (CS Bank) for 736 million pesos, equivalent to US$13 million. This move aims to broaden their reach in the financial markets of Southeast Asia.
CSC announced on Monday that they plan to purchase 26.8% of the total available shares of CS Bank, a sanctioned savings bank that's listed on the Philippine Stock Exchange. Typically, savings banks concentrate on receiving savings deposits and offering mortgage loans.
The buying cost is 2.4 times higher than the net worth of CS Bank, taking into account the rareness of the bank's thrift license, its asset value, and its widespread branch network, according to a statement made by CSC.
CS Bank was founded in 1997 and currently runs 34 branches throughout the Philippines. In addition to this, the bank provides cash handling, business and personal banking, as well as financial management services.
"Southeast Asia is presently undergoing fast expansion, with substantial prospects for advancement in the financial sector," stated Or.
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