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Manila Bulletin devider Business devider Banking & Finance devider HK firm buys 26% of Citystate Savings, seats two directors

HK firm buys 26% of Citystate Savings, seats two directors

Published Sep 26, 2025 10:51 am
Hong Kong-listed CSC Holdings Ltd., through CS Capital Investment Pte. Ltd., has completed its acquisition of a 26.3 percent stake in the Cabagangon group’s Citystate Savings Bank, Inc.
In a disclosure to the Philippine Stock Exchange, CSBank announced that it was informed of the completion of the sale of 43.36 million shares to CS Capital for ₱736.68 million (₱16.9888 per share).
This is accompanied by the signing of Deeds of Absolute Sale, following the approval by the Monetary Board of the Bangko Sentral ng Pilipinas of the Transaction.
“The Bank welcomes the entry of CS Capital as a shareholder. The Bank believes that it will benefit from the global experience, market reach, and technological resources of CS Capital through its parent company, CSC Holdings Limited (CSC), a listed company based in Hong Kong, a world-class financial center, with mature and diversified financial services and products and talents,” CSBank said.
The bank also reported the election of Dr. Or Ching Fai and Chow Man Wai, Tony, into its board of directors, noting that “both of whom are veterans in the finance industry and possess very rich compliance and risk management experience which can be transferred to their new roles as directors of the Bank.”
The acquisition was first disclosed to the Hong Kong Stock Exchange after CSC said it signed a sales and purchase agreement (SPA) on Aug. 30, 2024, with shareholders of CS Bank.
“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.
It 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 stated that the acquisition would represent its entry into the mainstream financial sector, as it plans to expand its business in Southeast Asia.
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.
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 specializes in investing in securities, trading, lending, and providing securities brokerage services.

Related Tags

CSC Holdings Limited CS Capital Investment Pte. Ltd. Citystate Savings Bank Inc.
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