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 of the Philippines for a sum of US$13 million. The completion of the deal, which is contingent on getting the green light from Philippine regulatory authorities, is anticipated by year's end.
CSC Holdings, a company traded on the Hong Kong stock exchange and led by ex-CEO of Hang Seng Bank, Raymond Or Ching-fai, plans to acquire shares in the Philippines' Citystate Savings Bank (CS Bank). The stake is worth 736 million pesos, equivalent to US$13 million, as part of CSC Holdings' strategy to extend its reach into the financial sectors of Southeast Asia.
CSC announced on Monday that it intends to acquire 26.8% of the total existing shares of CS Bank, a certified savings bank that's traded on the Philippine Stock Exchange. Savings banks traditionally concentrate on receiving savings deposits and offering mortgage loans.
The buying cost equals 2.4 times the net worth of CS Bank, taking into account the rarity of the bank's thrift license, asset value, and vast branch network, as stated by CSC in their official announcement.
CS Bank was founded in 1997 and currently manages 34 locations throughout the Philippines. The firm also provides services such as cash management, corporate and retail banking, as well as treasury functions.
"Right now, Southeast Asia is undergoing swift expansion, and there's a considerable opportunity for growth in the financial sector," stated Or.
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