DBS to buy Citi's Taiwan consumer banking business with S$956m premium

DBS D05 is acquiring the consumer banking business of Citigroup in Taiwan, Citi Consumer Taiwan, via a transfer of assets and liabilities.

Under the transaction, DBS will pay 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 more than 70 per cent are sticky, low-cost deposits.