Singapore’s DBS to Buy Citigroup Taiwan Consumer Bank Assets
- Southeast Asia’s biggest lender to build on other acquisitions
- Citi is disposing retail banking assets across Asia and Europe
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DBS Group Holdings Ltd. agreed to buy Citigroup Inc.’s consumer banking assets in Taiwan, as Southeast Asia’s largest lender pushes ahead with plans to boost its regional presence.
The Singapore bank will pay cash for Citi Consumer Taiwan’s net assets plus a premium of S$956 million ($707 million), which will be determined at the close of the deal that’s expected mid-2023. DBS plans to inject S$2.2 billion into the Taiwan unit, S$1.2 billion of which will be used as capital to support incremental rish-weighted assets and capital needs, it said in a statement Friday.