Taiwan is a high-returns market which could contribute some $250 million annually to DBS' bottomline, said DBS CEO Piyush Gupta. -ST FILE
SINGAPORE (Bloomberg): DBS Group Holdings Ltd agreed to buy Citigroup Inc’s consumer banking assets in Taiwan, as South-east 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 (US$707 million), which will be determined at the close of the deal that’s expected mid-2023.
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