Business
CSC Holdings Set to Purchase $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 at a cost of US$13 million. The purchase, requiring the green light from Philippine regulatory bodies, 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 acquire shares in Citystate Savings Bank (CS Bank) based in the Philippines. This investment, valued at 736 million pesos (equivalent to US$13 million), is part of their strategy to extend their reach into the financial sectors of Southeast Asia.
CSC announced on Monday that they intend to purchase a 26.8% stake in CS Bank, a licensed savings bank that is publicly traded on the Philippine Stock Exchange. Typically, savings banks concentrate on receiving savings deposits and offering mortgage loans.
The acquisition cost is 2.4 times the net worth of CS Bank, taking into account its rare thrift license, asset value, and widespread branch network, according to a statement from CSC.
Formed in 1997, CS Bank runs a total of 34 divisions or outlets across the Philippines. In addition to this, the firm provides services in cash handling, business and individual banking, as well as financial management.
"Southeast Asia is presently undergoing swift expansion, with substantial potential for growth in the financial sector," stated Or.
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