LISTED thrift bank Citystate Savings Bank Inc. (CSB) said its board of directors approved on December 20 the subscription of P180 million worth of shares in the bank by affiliate firm Amb. ALC Holdings and Management Corporation.
In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, CSB said Amb. ALC Holdings bought the unsubscribed portion of the authorized capital of the bank amounting to 18 million shares at a par value of P10 each.
Amb. ALC Holdings was founded by the late Antonio L. Cabangon-Chua, who also owned CSB under the ALC Group of Companies.
The group holds the various businesses of Cabangon-Chua in insurance protection, media, pre-need assurance, automotive, banking and finance, security, education, hotels, and real estate.