Business
CSC Holdings Set to Acquire $13 Million Stake in Philippines’ CS Bank: A Strategic Move into Southeast Asia’s Financial Market
CSC Holdings is set to purchase a share in CS Bank of the Philippines for a total of US$13 million. This deal, pending regulatory clearance in the Philippines, is forecasted to be finalized by the year's end.
CSC Holdings, a company traded on the Hong Kong stock exchange and overseen by Raymond Or Ching-fai, former CEO of Hang Seng Bank, intends to purchase a share in Philippines-based Citystate Savings Bank (CS Bank). The deal, worth 736 million pesos or approximately US$13 million, is part of CSC Holdings' strategy to broaden its presence in the financial sectors of Southeast Asia.
CSC announced on Monday that it plans to purchase 26.8 percent of the total existing shares of CS Bank, a recognized savings bank listed on the Philippine Stock Exchange. The primary operations of savings banks typically include accepting savings deposits and offering mortgage loans.
The buying cost is 2.4 times the net worth of CS Bank, taking into account the bank's unique thrift license, asset value, and widespread branch coverage, as per CSC's official statement.
Founded in 1997, CS Bank currently runs 34 locations across the Philippines. Alongside, the bank provides services such as cash handling, business and personal banking, as well as treasury services.
"Southeast Asia is presently witnessing fast-paced expansion, and there's considerable scope for growth in the financial sector," stated Or.
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