DBS Bank To Buy Citi's Consumer Banking Business In Taiwan

(RTTNews) - DBS Bank Ltd said that it has agreed to buy the consumer banking business of Citigroup Inc in Taiwan. It will pay Citi cash for the net assets of Citi Consumer Taiwan plus a premium of S$956 million.

DBS plans to make offers to take all about 3,500 employees from Citi Consumer Taiwan.

Citigroup said in April 2021 that it would exit its consumer-banking operations in 13 countries across Asia and parts of Europe to focus more on wealth management outside the U.S.

Citi Consumer Taiwan has been operating in Taiwan since 1985, and currently has 2.7 million credit cards and unsecured accounts, 0.5 million deposit and wealth customers and 45 branches.