DBS to buy Citi's Taiwan consumer banking business

Singapore

DBS is acquiring the consumer banking business of Citigroup in Taiwan, Citi Consumer Taiwan, via a transfer of assets and liabilities. The transaction will see DBS paying Citi cash for the net assets of the business plus a premium of S$956 million, said Singapore's largest lender on Friday (Jan 28) morning.

As at end-September 2021, Citi Consumer Taiwan had an earning asset base of S$20.3 billion and total deposits of S$15.1 billion - of which 70 per cent are sticky low-cost deposits.