DBS obtains approval from Taiwan authorities on Citigroup purchase

DBS, on Jan 28, said that it will pay a premium of $956 million in cash, plus the value of its assets for the acquisition.

DBS Group Holdings has obtained approval from Taiwan’s Financial Supervisory Commission on Dec 22.

The bank, on Jan 28, announced that it will be acquiring Citigroup Taiwan’s consumer banking business. The acquisition will be made via a transfer of assets and liabilities.

On Jan 17, Bloomberg reported that DBS will pay about NT$60 billion ($2.64 billion) for the assets. DBS, on Jan 28, said that it will pay a premium of $956 million in cash, plus the value of its assets for the acquisition.

In a separate filing, DBS announced that it has commenced voluntary liquidation proceedings for its indirect wholly-owned subsidiaries, DBS Vickers Securities (Hong Kong), Vickers Ballas Consultancy Services and Vickers Ballas Investment Management.

Shares in DBS closed 23 cents lower or 0.67% down at $34.04 on Dec 23.

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