Business
CSC Holdings Set to Acquire $13 Million Stake in CS Bank of The Philippines: An Expansion into Southeast Asia’s Financial Markets
CSC Holdings is set to purchase shares in CS Bank of the Philippines at a cost of US$13 million. This purchase is contingent on getting the green light from regulatory bodies in the Philippines and is projected to be finalized 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, is set to acquire a share in the Philippines' Citystate Savings Bank (CS Bank). This acquisition, valued at 736 million pesos or approximately US$13 million, represents a strategic move to broaden the company's presence in the financial sectors of Southeast Asia.
On Monday, CSC announced its intention to purchase 26.8 percent of the total released and existing shares of CS Bank, a sanctioned savings bank that's publicly traded on the Philippine Stock Exchange. Savings banks typically concentrate on receiving 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 bank's unique savings and loan license, its asset value, and its widespread branch network, according to a statement from CSC.
CS Bank was founded in 1997 and currently runs 34 outlets across the Philippines. In addition to this, the firm provides services such as cash handling, business and personal banking, as well as treasury functions.
"Southeast Asia is right now undergoing swift expansion, showing considerable promise in the financial sector," stated Or.
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