Hong Kong-listed CSC Holdings, chaired by former Hang Seng Bank CEO Raymond Or Ching-fai, has announced its acquisition of a 26.8% stake in Citystate Savings Bank (CS Bank) of the Philippines for PHP736m (USD13m). This move is part of CSC’s strategic push into Southeast Asia’s burgeoning financial market. CSC highlighted the acquisition’s value, noting it reflects the scarcity of CS Bank’s thrift licence and its substantial branch network across the Philippines. Established in 1997, CS Bank operates 34 branches and offers a variety of services including corporate banking and treasury functions. The acquisition, set to finalise by year’s end pending regulatory approval, marks CSC’s commitment to expanding its presence in regions with low banking penetration and a youthful demographic.
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