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.
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It will pay cash for the net assets of Citibank's Taiwan consumer banking business plus a premium of S$956 million, DBS said on Friday (Jan 28).
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.
The acquisition will also help accelerate DBS Taiwan’s growth by at least 10 years, making it Taiwan’s largest foreign bank by assets, the lender said.
“Notwithstanding COVID-19, we believe that Asia’s long-term growth trends remain intact," said DBS Group CEO Piyush Gupta.
"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. Post-transaction, DBS Taiwan will be propelled to the top ranks of Taiwan’s banking sector,” he added.
Subject to regulatory approvals and migration, the target completion date is expected in the middle of 2023.