DBS buys Citi’s consumer crown jewel in Taiwan

Of all the 13 consumer businesses on the block in Citi’s Asia revamp, Taiwan was the most prized. DBS’s successful bid bolsters an already profitable business – and doing so required some hard thinking about geopolitics by the Singapore bank’s board.

DBS is to buy Citi’s consumer operations in Taiwan in a deal which strengthens the Singaporean bank’s hand in a lucrative market. The sale is also a crucial step in Citi’s efforts to divest consumer businesses across Asia and EMEA.

The transaction’s cost is difficult to pin down. Both sides agree the premium being paid over the net asset value is NT$19.8 billion ($715 million, or S$956 million), but the cash consideration for the NAV will not be clear until the deal closes in mid 2023.

DBS buys Citi’s consumer crown jewel in Taiwan

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DBS buys Citi’s consumer crown jewel in Taiwan

Thanks for your interest in Euromoney!To unlock this article:

Regulators should be upfront with taxpayers – and admit all deposits are guaranteed

The Danish Compromise tests Europe’s appetite for regulatory easing

What can US bankers really expect from Trump’s deregulation impetus?

Prem Natarajan on Capital One’s AI stairway to heaven

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