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Manila Bulletin devider Business devider Banking & Finance devider Hong Kong firm acquires 26.8% stake in Citystate Savings

Hong Kong firm acquires 26.8% stake in Citystate Savings

Published Sep 2, 2024 04:50 am

CSC Holdings Ltd., a Hong Kong-listed financial services firm, has announced its acquisition of a 26.8 percent stake in Citystate Savings Bank for approximately P736 million. 

In a disclosure to the Hong Kong Stock Exchange, CSC said it signed a sales and purchase agreement (SPA) on Friday, Aug. 30, in which Citystate Savings Bank will sell the specified shares to CSC. 

“The Group has been actively considering and exploring various opportunities for the investment projects and to broaden the scope of investment according to the market conditions with an aim to enhance Shareholders’ value,” CSC said.

CSC added that the acquisition was a “strategic investment” and a “first step to implement financial business investment strategy."

Furthermore, the Hong Kong-based financial company said that the SPA would represent its push into the mainstream financial sector while it plans to expand its business in Southeast Asia.

Given this statement, the foreign financial firm will own the agreed-upon percentage of shares along with benefits or rights included in the SPA after the sale has been made, which would include any dividends or profits that may be paid out.

Citystate Savings is a listed licensed bank in the Philippines that offers services such as deposit products and services, cash management, corporate and retail banking, and treasury services, among others.

The company is also approved by the Department of Education (DepEd) and offers loans to teachers and other school staff across the country.

CSC also noted that Citystate’s total assets increased from P5.65 billion in yearend 2023 to P6.3 billion by June 2024, while its net assets slightly decreased from P1.14 billion in 2023 to P1.13 billion by this year. 

CSC Holdings, on the other hand, is a limited-liability company listed on the Main Board of the Hong Kong Stock Exchange. The financial services company deals with investing in securities, trading, lending money, and providing securities brokerage services.

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