Business
CSC Holdings Set to Acquire 26.8% Stake in CS Bank of the Philippines for $13 Million: A Strategic Move into Southeast Asia’s Financial Markets
CSC Holdings is set to purchase shares in CS Bank of the Philippines valued at US$13 million. The deal, pending regulatory consent in the Philippines, is projected to be finalized by the year's end.
CSC Holdings, a company listed in Hong Kong and led by Raymond Or Ching-fai, a former CEO of Hang Seng Bank, plans to acquire a share in the Philippine's Citystate Savings Bank (CS Bank). The deal is valued at 736 million pesos, equivalent to US$13 million, as part of their strategy to broaden their reach within Southeast Asia's financial sector.
CSC announced on Monday that they plan to purchase 26.8% of all circulated and exceptional shares of CS Bank, a licensed savings bank that is publicly traded on the Philippine Stock Exchange. Typically, savings banks primarily accept savings deposits and offer mortgage loans.
The acquisition cost amounts to 2.4 times the net worth of CS Bank, taking into account the bank's unique thrift license, asset value, and wide-ranging branch network, according to a statement released by CSC.
CS Bank was founded in 1997, operating 34 branches throughout the Philippines. In addition to this, the bank provides services such as cash management, commercial and consumer banking, as well as treasury services.
"Southeast Asia is presently undergoing swift expansion, holding considerable possibilities for development in the financial sector," stated Or.
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