Business
CSC Holdings Set to Acquire $13M Stake in CS Bank of the Philippines: A Strategic Move into Southeast Asia’s Financial Markets
CSC Holdings is set to purchase shares in CS Bank of the Philippines worth US$13 million. The deal, pending regulatory clearance from the Philippines, is anticipated to be finalized by year's end.
CSC Holdings, a company listed in Hong Kong and led by ex-CEO of Hang Seng Bank, Raymond Or Ching-fai, plans to purchase shares in the Philippines' Citystate Savings Bank (CS Bank) for 736 million pesos, equivalent to US$13 million. This is part of their strategy to broaden their presence in the financial sector of Southeast Asia.
CSC announced on Monday that it intends to purchase 26.8 per cent of the total issued and existing shares of CS Bank, a regulated thrift bank that's traded on the Philippine Stock Exchange. Typically, thrift banks 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 rarity of the bank's thrift license, the value of its assets, and its wide-ranging branch network, according to a statement released by CSC.
CS Bank was founded in 1997 and currently runs 34 outlets across the Philippines. Additionally, the firm provides services such as cash management, business and consumer banking, as well as treasury services.
"Southeast Asia is presently undergoing swift expansion, with a substantial potential for growth in the financial sector," stated Or.
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