SINGAPORE :DBS Group has agreed to buy Citigroup's consumer business in Taiwan in a move that will see the Singapore-based bank pay S$956 million above the net asset value, making it Taiwan's largest foreign bank by assets.
"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 Covid-19 recovery," DBS CEO Piyush Gupta said in a statement. DBS said it will pay cash for the net assets of Citi's consumer business in Taiwan plus a premium of S$956 million.
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DBS to buy Citi's consumer banking business in TaiwanSINGAPORE: DBS Group, Southeast Asia\u0027s largest bank, has agreed to buy Citigroup\u0027s 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. It will pay cash for the net assets of Citibank\u0027s Taiwan consumer banking business p
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