In January, after signing off on the purchase of Citi’s local consumer business in Taiwan, DBS chief executive Piyush Gupta called geopolitics the “single largest question” the board faced in its deliberations.
He explained the base case was that Chinese influence in Taiwan would grow, but that its impact would be “insidious” and “non-violent” – a grinding process of charm and attrition aimed at reclaiming the island over time, in instalments if necessary.
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Gupta declared the Citi deal “an acceptable and meaningful risk” to take.
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