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DBS to buy Citi’s Taiwan retail business, take over 3,500 staff -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO FILEPHOTO: View of Citibank Corporate Headquarters in New York City, New York. U.S. May 20, 2015. REUTERS/Mike Segar/File Photo/File Photo

SINGAPORE (Reuters – DBS Group OTC:) has agreed buy Citigroup (NYSE) will acquire Taiwan’s consumer businesses in Taiwan. The Singapore-based bank will be paying S$956 millions ($706.6m) over its net asset values, making Taiwan’s foreign bank the largest by assets.

DBS (Southeast Asia’s most important lender) announced on Friday it was taking over 3,500 people from Citi’s Taiwanese operation. Citi Taiwan has 2.7million credit cards, 500,000 deposits and wealth customers, and 45 branches.

Piyush Gopta, DBS CEO said that Citi Consumer Taiwan is an attractive and high-returns company. “Citi Consumer Taiwan will contribute at minimum S$250 million per year in net profit to DBS.

This transaction follows Citi’s announcement last year of closing 10 Asian retail outlets. Citi is now focusing on more profitable wealth and institutional management business.

DBS announced that it will pay cash and a premium amount of S$956 Million for Citi’s Taiwan consumer business.

Reuters cited several sources as saying that DBS will announce its purchase Friday night.

Citi has reached a deal with United Overseas Bank to buy its Southeast Asian Consumer Business from Citi for S$5 billion.

($1 = 1.3529 Singapore dollars)

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