CSC Holdings, a Hong Kong-listed company, is set to acquire a 26.8% stake in Citystate Savings Bank (CS Bank) in the Philippines for 736 million pesos (approximately US$13 million).
Founded in 1997, CS Bank operates a network of 34 branches across the Philippines.
The bank provides a range of services, including cash management, corporate and retail banking, as well as treasury operations.
According to the South China Morning Post, this move marks CSC Holdings’ strategic entry into Southeast Asia’s financial market, particularly within the underdeveloped banking sector of the Philippines.
CS Bank, a licensed thrift bank focused on savings deposits and mortgage lending, is seen as a key opportunity for CSC Holdings to expand its operations.
The investment is expected to help the company tap into the region’s youthful demographic and growing demand for financial services.
CSC Holdings aims to leverage this acquisition to build a strong financial platform across Southeast Asia, drawing on Hong Kong’s established expertise in finance.
The deal is currently awaiting regulatory approval in the Philippines and is anticipated to be finalised by the end of the year.
Once completed, it will position CSC Holdings to bring new business opportunities and capital to the Philippine market.
