Business
CSC Holdings Set to Acquire $13M Stake in CS Bank of the Philippines, Eyes Expansion in Southeast Asia’s Financial Market
CSC Holdings is set to purchase shares in CS Bank of the Philippines, with a deal worth US$13 million. The completion of this transaction hinges on the approval of regulatory authorities in the Philippines and is anticipated to be finalized by year-end.
CSC Holdings, a company listed in Hong Kong and led by Raymond Or Ching-fai, the ex-CEO of Hang Seng Bank, plans to acquire shares in the Philippines' Citystate Savings Bank (CS Bank). The deal, valued at 736 million pesos (approximately US$13 million), is part of CSC Holdings' strategy to broaden its presence in Southeast Asia's economic sector.
CSC announced on Monday that they plan to acquire 26.8% of the total released and remaining shares of CS Bank, a sanctioned savings bank that is registered in the Philippine Stock Exchange. Savings banks typically concentrate on accepting savings deposits and offering mortgage loans.
The buying cost is 2.4 times greater than the net worth of CS Bank, taking into account "the rareness of the bank's thrift license, asset value, and wide-ranging branch network", stated CSC in a news announcement.
CS Bank was founded in 1997 and currently runs 34 outlets across the Philippines. The firm also provides services such as cash handling, corporate and personal banking, and treasury operations.
"Southeast Asia is presently undergoing swift expansion and holds considerable promise for development in the financial sector," stated Or.
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