Business
CSC Holdings Set to Acquire $13 Million Stake in CS Bank of the Philippines: A Strategic Move into Southeast Asia’s Financial Markets
CSC Holdings plans to purchase shares in CS Bank from the Philippines, costing US$13 million. The deal's completion, pending approval from Philippine regulators, is anticipated by year-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 purchase a share in the Philippines' Citystate Savings Bank (CS Bank) for a sum of 736 million pesos (equivalent to US$13 million), as part of its strategy to broaden its reach in the financial sectors of Southeast Asia.
CSC announced on Monday that it plans to purchase 26.8 percent of the total issued and outstanding shares of CS Bank, a thrift bank that's publicly traded on the Philippine Stock Exchange. Typically, thrift banks concentrate on accepting savings deposits and offering mortgage loans.
The acquisition cost is 2.4 times greater than the net worth of CS Bank, taking into account the rarity of the bank's thrift license, asset value, and widespread branch network, according to a statement released by CSC.
CS Bank came into existence in 1997 and currently runs 34 outlets throughout the Philippines. Besides, the firm provides services such as cash handling, business and individual banking, as well as treasury operations.
"Southeast Asia is presently undergoing swift expansion, possessing vast potential for development in the financial sector," stated Or.
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