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.