Defining the News
CS Capital Investment Pte. Ltd., a wholly-owned subsidiary of Hong Kong-listed CSC Holdings Limited , is acquiring a 26.80-percent stake in Citystate Savings Bank , a thrift bank owned by Cabangon family for P736 million.
Under the deal, CS Capital will acquire CSB shares at P16.97 apiece, subject to any applicable adjustments provided that the total purchase price would not exceed P750 million. “The entry of CSC establishes a strategic partnership between the controlling shareholders and of the bank and CSC, whereby the bank will benefit from the global experience, market reach and technological resources of CSC, in line with the mandate of the Bangko Sentral ng Pilipinas and the bank’s own direction towards digitalization,” CSB said
CSC said the purchase price was arrived at after considering the bank’s net asset value of P1.4 billion as of end-December 2023. The bank operates 34 branches, most of which are located in Metro Manila.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hong Kong’s CS Capital buying 28.8% of Citystate bankDefining the News
Read more »
PDIC sets public e-bidding for 80 agri, residential, mixed-use lots in SeptemberDefining the News
Read more »
80 junior youth execs sworn inAROUND 80 junior youth officials of the City Government of Davao took their oath of office during the flag-raising ceremony at City Hall Drive on the morning of Monday, August 12, 2024.
Read more »
80 die in Gaza school strikeSunStar Publishing Inc.
Read more »
An Israeli airstrike on a Gaza school kills at least 80 people, Palestinian health officials sayDEIR AL-BALAH, Gaza Strip (AP) — An Israeli airstrike hit a school-turned-shelter in Gaza City early Saturday, killing at least 80 people, Palestinian health authorities said, in one of the deadliest strikes in the 10-month-old war between Israel and Hamas.
Read more »
CS Capital to acquire P735M CityState sharesCITYSTATE Savings Bank Inc. said it had received notice that certain shareholders have entered into a share purchase agreement (SPA) with Singapore-based CS Capital Investment Pte. Ltd., an indirect wholly-owned subsidiary of CSC Holdings Ltd. (CSC).
Read more »