CSC Holdings, a Hong Kong-listed financial services firm, has acquired a 26.8% stake in the Philippines lender Citystate Savings Bank, while the Philippine-based BNPL and consumer finance startup BillEase has secured investment from TPG’s The Rise Fund.
HK’s CSC buys 26.8% stake in PH’s Citystate Savings Bank
Hong Kong-listed financial services firm CSC Holdings Ltd has announced the acquisition of a 26.8% stake in Philippine lender Citystate Savings Bank for about $13 million.
In a disclosure to the Hong Kong Stock Exchange, CSC said it signed a sales and purchase agreement (SPA) last week, in which Citystate Savings Bank will sell the specified shares to CSC.
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.
Citystate Savings Bank 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 bank confirmed in a disclosure to the Philippine Stock Exchange that it received a notice from stockholders that they have entered into an agreement with CS Capital Investment Pte Ltd, a wholly-owned subsidiary of CSC Holdings.
TPG’s The Rise Fund leads BillEases’s Series C
TPG’s The Rise Fund has anchored the Series C equity funding round of BillEase, the Philippine-based BNPL and consumer finance startup.
The announcement, however, did not disclose financial details of the round but BillEase said the round was also participated by existing investor Burda Principal Investment.
Chalothorn Vashirakovit, managing director at TPG, said the investment into BillEase aligns with The Rise Fund’s pursuit to work with companies that aim to deliver social impact.
BillEase raised $11 million in its Series B funding round in 2022, led by Burda Principal Investments, also a backer of Carsome.
The startup swung to profit in 2023 as it grew its user base and expanded its merchant partnerships in the country, regulatory filings show.
Jin Chan Invest, the Singapore-registered holding company of BillEase, reported a net income of $5.95 million for the year ended December 31, 2023, compared with a loss of $342,364 in the previous year, according to its filings with the Accounting and Corporate Regulatory Authority (ACRA).
