Citystate Savings Bank is undergoing a leadership transition following the appointment of William Matthew M. Cabangon as director after the resignation of Dominic Edgard A. Cabangon as chairman and director, effective 25 February.

Dominic Cabangon, son of the late ALC Group founder Antonio Cabangon-Chua, cited personal reasons for stepping down.

At the same board meeting, no replacement for the chairman post was announced, leaving the bank to determine its leadership configuration in the coming weeks.

The leadership change comes as the bank continues its modernization efforts.

Singapore-based CS Capital Investment Pte. Ltd. recently acquired a 26.3 percent minority stake in Citystate Savings Bank for P735.9 million. The investment will fund the development of a digital banking application and the upgrade of the bank’s core system.

The bank has yet to announce further details regarding its leadership succession plan.