Singapore markets closed

  • Straits Times Index

    3,191.16
    +25.98 (+0.82%)
     

  • Nikkei

    26,547.05
    +119.40 (+0.45%)
     

  • Hang Seng

    19,950.21
    +51.44 (+0.26%)
     

  • FTSE 100

    7,428.85
    +10.70 (+0.14%)
     

  • BTC-USD

    29,728.39
    +112.15 (+0.38%)
     

  • CMC Crypto 200

    665.90
    -15.20 (-2.23%)
     

  • S&P 500

    4,023.89
    +93.81 (+2.39%)
     

  • Dow

    32,196.66
    +466.36 (+1.47%)
     

  • Nasdaq

    11,805.00
    +434.00 (+3.82%)
     

  • Gold

    1,796.60
    -11.60 (-0.64%)
     

  • Crude Oil

    109.95
    -0.54 (-0.49%)
     

  • 10-Yr Bond

    2.9350
    0.0000 (0.00%)
     

  • FTSE Bursa Malaysia

    1,544.41
    +5.61 (+0.36%)
     

  • Jakarta Composite Index

    6,597.99
    -1.85 (-0.03%)
     

  • PSE Index

    6,502.12
    +122.95 (+1.93%)
     

DBS to buy Citigroup Taiwan assets for NT$60 billion, Economic Daily News says

Bloomberg
·1-min read

DBS is the successful bidder for Citigroup Taiwan's business, says Bloomberg

DBS Group Holdings will pay about NT$60 billion to buy Citigroup Inc.’s consumer bank assets in Taiwan, according to Economic Daily News.

The Singapore-based lender emerged as the preferred bidder after three Taiwanese financial institutions withdrew from the bidding process, the Taipei-based publication reported Sunday, citing people it didn’t identify.

Spokespeople at DBS and Citi declined to comment on the report.

Citi is selling consumer banking assets across the Asia-Pacific region, Europe and the Middle East as Chief Executive Officer Jane Fraser continues her push to simplify the New York-based bank. Last week, United Overseas Bank, another Singapore lender, agreed to pay $4.9 billion using its excess capital for Citigroup operations that include Thailand and Malaysia.

A Taiwanese acquisition would add to DBS Chief Executive Officer Piyush Gupta’s deals over the last 15 months. Southeast Asia’s largest bank in April agreed to pay $1.1 billion for a 13% stake in China’s Shenzhen Rural Commercial Bank Corp., less than six months after it took over India’s Lakshmi Vilas Bank.

Fubon Financial Holding Co., Taishin Financial Holding Co. and Cathay Financial Holding Co. walked away from the bidding process, according to Economic Daily News. Spokespeople for Fubon and Taishin declined to comment. A spokesperson for Cathay could not immediately be reached for comment.

See Also:



Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting

Latest stories

  • Reckitt set up ‘Dettol Disinfection Zone for online purchases pickup’ in nearly 90% of HKTVmall O2O shops and three HKTVmall supermarkets in Hong Kong

    Turned over a new page of partnership with the largest online shopping mall in Hong Kong to jointly protect the new retail experience HONG KONG SAR - Media OutReach - 16 May 2022 - Reckitt and HKTVmall, the largest online shopping mall in Hong Kong that connects online and offline, have turned over a new page of partnership to set up Dettol Disinfection Zone for online purchases pickup in nearly 90% of HKTVmall O2O shops and three HKTVmall supermarkets[1]. It allows consumers to disinfect their

  • MINT Museum of Toys Singapore To Launch New Toy Figurines Exhibition Uncovering Generational Shifts

    SINGAPORE - Media OutReach - 16 May 2022 - Capturing socio-cultural trends nestled in childhood experiences, MINT Museum of Toys Singapore will narrate influential stories that defined playtime in its latest exhibition, UNBOX Presents: Toy Figurines. Open to the public from 28 May to 28 November 2022, the exhibition will unveil the various toy figurines that underpinned and sparked generational shifts, from the evolution of gender norms portrayed by Barbie, G.I. Joe and Bratz to the epitome of t

  • "Ear Up Incubation" Fostering New Hong Kong Music

    Five Grand Awards at the "Ear Up Music Festival" 13 New Voices of Hong Kong that Must Be Heard HONG KONG SAR - Media OutReach - 16 May 2022 - Now in its fifth year, the "Ear Up Incubation" music mentorship programme reached another milestone for the local music industry when 14 Hong Kong based groups were chosen as finalists in the long-awaited Ear Up Music Festival in April 2022. Credit: Ear Up Music Along with local rock band, Kolor and independent singer-song writer, Kendy Suen, the 13 rising

  • Egypt says government purchases exempted from India’s wheat exports ban

    Any agreements by Egypt's government to purchase Indian wheat will not be affected by an export ban announced by New Delhi, Egypt's supply minister said on Sunday. Egypt, the world's largest wheat importer, faces a challenge securing wheat after Russia's invasion of Ukraine further inflated high global prices and disrupted relatively cheap Black Sea supplies that Egypt had increasingly relied on.

  • Facebook changing with times a decade after stock debut

    Facebook boss Mark Zuckerberg rang the opening bell remotely to cheers 10 years ago as the beloved social network made its stock market debut, culminating an all-night hackathon that included street hockey, costumes and music.The Silicon Valley tech colossus rebranded as Meta has since seen its image tainted by accusations it has become a tech tyrant, putting profit over user privacy and even the good of society.

  • Dollar perched at two-decade high on weak China data

    The U.S. dollar consolidated gains near a two-decade peak on Monday as poor Chinese economic data hurt cyclical currencies including the British pound and the Australian dollar lower. While expectations of a hawkish Federal Reserve have been instrumental in fuelling a dollar rally that has seen a broad index gain nearly 10% so far this year, the latest episode of dollar gains has been driven by extended lockdowns in China. China's retail and factory activity fell sharply in April as wide COVID-19 lockdowns confined workers and consumers to their homes.. The offshore Chinese yuan held near a September 2020 low of 6.8380 yuan hit last week.

  • 4 REITs with Dividend Yields Better Than Your CPF

    Although the CPF provides a steady return, there are four REITs with distribution yields that exceed the CPF's interest rate. The post 4 REITs with Dividend Yields Better Than Your CPF appeared first on The Smart Investor.

  • India says ban on wheat exports is to check unregulated trade

    Indian government officials, speaking just hours after the country banned wheat exports, said there was no dramatic fall in wheat output this year but unregulated exports had led to a rise in local prices. "We don't want wheat trade to happen in an unregulated manner or hoarding to happen," a senior government official told reporters in New Delhi on Saturday. The government said it would still allow exports backed by already issued letters of credit and to countries that request supplies "to meet their food security needs".

  • Holcim to use proceeds from India sale on lower carbon acquisitions

    Holcim will use cash raised from the sale of its Indian business for acquisitions focused on building products and solutions, Chief Executive Jan Jenisch said on Monday, with the cement-maker currently eyeing 10 potential targets. Holcim agreed to sell its Indian business to Adani Group for 6.4 billion Swiss francs ($6.38 billion), its largest divestment in years, as it seeks to lower its carbon profile and raise funds for takeovers.

  • Zilingo appoints financial adviser as creditors recall loan

    Creditors of Zilingo Pte Ltd have decided to recall all of their loan, prompting the company’s board to appoint an independent financial adviser for options.

  • Asian stocks retreat on fears of recession from Covid damage

    Asian equities retreated Monday following last week's temporary rally on Wall Street due to fears of surging inflation and supply chain woes inflicted by Beijing's punishing zero-Covid policy.

  • RBI to raise rates again in June but not clear by how much: Reuters poll

    The Reserve Bank of India will follow its surprise May rate rise with another hike at its meeting next month, according to a majority of analysts polled by Reuters who were exceptionally split on the size of the move. India's retail inflation accelerated to an eight-year high in April, remaining above the central bank's tolerance limit for a fourth month in a row, and is likely to stay elevated. The sudden change in views on surging inflation and how to tame it means the RBI will likely take the repo rate, currently at 4.40%, back to at least its pre-pandemic level next quarter and not in 2023 as previously thought.

  • FTX's billionaire chief says bitcoin has no future as a payments network- FT

    Bitcoin, the world's largest cryptocurrency, is created by a process called "proof of work" that requires computers to "mine" the currency by solving complex puzzles. An alternative to the system is called the "proof of stake" network, where participants can buy tokens that allow them to join the network.

  • Afghan money exchangers reopen after strike: brokers

    Thousands of money exchangers in Afghanistan ended their strike on Monday, the brokers commission said, a day after they shut their shops to protest a steep hike in licence fees imposed by Taliban authorities.