DBS to buy Citi’s Taiwan retail unit for $707 mln as it chases growth

DBS Group has agreed to pay S$956 million to buy Citigroup's consumer business in Taiwan, making the Singapore lender the largest foreign bank in Taiwan by assets as it bulks up regional acquisitions to power growth.

“The acquisitions we have made since the start of the pandemic have given us a platform to build meaningful scale in some of our core markets. This acquisition is no exception,“ Gupta said in a statement on Friday. DBS, which makes the majority of its profit from Singapore, said it will take on about 3,500 staff from Citi's Taiwanese business which has 2.7 million credit cards, 500,000 deposit and wealth customers and 45 branches.

DBS said it will pay cash for the net assets of Citi's consumer business in Taiwan plus a premium of S$956 million, that will be adjusted when the deal is expected to close in mid-2023. DBS will also inject S$1.2 billion as capital.

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