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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