SINGAPORE - DBS Bank became the largest foreign bank by assets in Taiwan on Monday, after it successfully merged over the weekend with Citigroup’s consumer banking business there that came with almost 3,000 staff.
Meanwhile, total balances for loans and deposits rose by up to 1.6 times to $32 billion and $36 billion respectively. Investment assets under management more than tripled to over $12 billion. DBS chief executive Piyush Gupta said the success in integrating the two operations continues the strategy of building meaningful scale in its core Asian markets, estimating that the move had accelerated the bank’s consumer business growth in Taiwan “by at least 10 years”.When the deal was announced last year, DBS’ helmsman said Citi’s consumer operations in Taiwan were expected to contribute “at least $250 million annually in net profit”.
Source: News Formal (newsformal.com)
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