Business
CSC Holdings to Acquire $13M Stake in CS Bank of the Philippines, Eyeing Southeast Asia’s Financial Market Expansion
CSC Holdings is set to purchase a share in CS Bank from the Philippines for a sum of US$13 million. The deal, awaiting approval from the Philippine regulatory authorities, is projected to be finalized by year-end.
CSC Holdings, a company listed in Hong Kong and headed by Raymond Or Ching-fai, previous CEO of Hang Seng Bank, is set to purchase a share in the Philippines' Citystate Savings Bank (CS Bank). The deal, worth 736 million pesos or roughly US$13 million, is part of CSC Holdings' strategy to broaden its reach in the financial markets of Southeast Asia.
CSC announced on Monday its intention to acquire 26.8 percent of the total issued and outstanding shares of CS Bank. CS Bank, a thrift bank listed on the Philippine Stock Exchange, primarily accepts savings deposits and offers mortgage loans.
The buying price amounts to 2.4 times the net worth of CS Bank, taking into account the bank's rare thrift license, asset value, and widespread branch network, as reported in a CSC press statement.
CS Bank was founded in 1997 and currently has 34 outlets or branches across the Philippines. The bank provides services such as cash handling, business and individual banking, as well as financial management services.
"Southeast Asia is presently undergoing swift expansion, demonstrating considerable potential for development in the financial sector," stated Or.
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