DBS completes acquisition of Citi’s Taiwan-based consumer business

Yesterday August 14, Citi announced the finalised transfer of its Taiwan-based consumer business to Singapore-headquartered DBS, following launch of the process in January 2022.

For a consideration of approximately $1.2 billion, DBS has taken over Citi’s former retail banking, credit card, mortgage and unsecured lending businesses in the market, making it Taiwan’s “largest foreign bank” by assets. Full integration took place over the past weekend, an announcement by DBS confirmed.

As part of the transaction, DBS assumes approximately 3,000 of Citi’s former members of staff. A spokesperson for DBS clarified with FinanceAsia why this...