 Citystate Savings Bank, Inc. (CSBank or the Bank) was informed of the completion of the sale to CS Capital Investment Pte. Ltd. (CS Capital) of 43,362,400 shares equivalent to 26.30% of the issued and outstanding capital stock of the Bank. 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.
The Bank also welcomes the election of Dr. Or Ching Fai and Mr. Chow Man Wai, Tony, 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. Citystate Savings Bank is part of the ALC Group of Companies, founded by the late Amb. Antonio L. Cabangon Chua and is currently chaired by D. Edgard A. Cabangon. |
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