CSC Holdings Set to Acquire $13 Million Stake in CS Bank of Philippines: Expanding Reach in Southeast Asia’s Financial Markets

CSC Holdings is set to acquire a share in CS Bank of the Philippines at a cost of US$13 million. This purchase, pending regulatory permissions in the Philippines, is anticipated to be finalized by year-end.

CSC Holdings, a company listed in Hong Kong and headed by ex-CEO of Hang Seng Bank, Raymond Or Ching-fai, plans to acquire shares in the Philippines' Citystate Savings Bank (CS Bank). The deal, worth 736 million pesos (USD 13 million), is part of the company's strategy to penetrate the financial markets of Southeast Asia.

CSC announced on Monday that it plans to acquire 26.8 percent of the total available shares of CS Bank, a licensed savings bank traded on the Philippine Stock Exchange. Typically, savings banks are known for taking in savings deposits and offering mortgage loans.

The acquisition cost is 2.4 times the net worth of CS Bank, factoring in "the rarity of the bank's thrift license, asset value, and wide-ranging branch network," according to a statement by CSC.

Founded in 1997, CS Bank runs 34 outlets throughout the Philippines. Additionally, the company provides services such as cash handling, business and personal banking, as well as treasury functions.

"Southeast Asia is presently undergoing swift expansion, with considerable prospects for growth in the financial sector," stated Or.