The deal is part of DBS Chief Executive Piyush Gupta's strategy of expanding Southeast Asia's largest bank in overseas markets, having bought an US$814 million minority stake in a privately owned Chinese bank last year as well as distressed lender Lakshmi Vilas Bank in India.
"Citi Consumer Taiwan is a highly attractive, high-returns business that is expected to contribute at least S$250 million annually in net profit to DBS after the Covid-19 recovery," Mr Gupta told a news conference on Friday . DBS, which makes the majority of its profit from Singapore, 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.Mr Gupta said the deal will accelerate DBS Taiwan's growth by more than 10 years in a market that is attractive for its wealth and technology sectors.
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