Business
CSC Holdings to Acquire 26.8% Stake in Philippines’ CS Bank 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 for a total of US$13 million. The deal, awaiting necessary regulatory approvals in the Philippines, is projected to be finalized by the year's end.
CSC Holdings, a company listed in Hong Kong and led by ex-Hang Seng Bank CEO Raymond Or Ching-fai, plans to purchase a share in the Philippine's Citystate Savings Bank (CS Bank). The deal, worth 736 million pesos or roughly US$13 million, is part of the firm's strategy to broaden its reach into the financial markets of Southeast Asia.
CSC announced on Monday that it plans to acquire 26.8 percent of the total issued and existing shares of CS Bank, a legally authorized savings bank listed on the Philippine Stock Exchange. Typically, such banks primarily accept savings deposits and offer 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 savings license, asset worth, and widespread branch distribution, as stated by CSC in their press statement.
Founded in 1997, CS Bank currently runs 34 locations throughout the Philippines. In addition to this, 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, possessing considerable scope for growth in the financial sector," stated Or.
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