SINGAPORE: DBS Group, Southeast Asia's largest bank, has agreed to buy Citigroup's consumer banking business in Taiwan via a transfer of assets and liabilities and will take over the 3,500 staff employed in the retail arm.
DBS said that the proposed acquisition makes"strategic sense" because it will help scale up its Taiwan operations in a market that is attractive for its wealth and technology sectors. “Notwithstanding COVID-19, we believe that Asia’s long-term growth trends remain intact," said DBS Group CEO Piyush Gupta.
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