DBS to win bid for Citi’s consumer business in Taiwan: Local news report

DBS signage at the DBS Marina Regatta dragon boat race on 2 June 2019.DBS signage at the DBS Marina Regatta dragon boat race on 2 June 2019.

This item was originally published on Monday, 17 January 2022 at 15:32 SGT; it has since been updated to include a comment from Citigroup.

DBS, Southeast Asia’s largest bank, appears to have won the race to acquire Citigroup’s consumer business in Taiwan, according to a translated report, citing unnamed sources, from Taiwan’s Economic Daily Sunday.

In response to queries from Shenton Wire, DBS and Citigroup declined to comment.

The report said Citi’s Taiwan consumer business has transaction volume of around 60 billion yuan; Citigroup’s financial statements don’t break out Taiwan figures from its Greater China category.

The three local financial businesses — Fubon, Taishin and Cathay Pacific — participating in Citi Taiwan’s gold sale have withdrawn from the race, the Economic Daily report said.

In its first quarter results released in April 2021, Citigroup said it planned to focus in Asia and EMEA (Europe, Middle East and Africa) on four wealth centers — Singapore, Hong Kong, the UAE and London, and to seek exits from consumer franchises in 14 markets across those regions.

Last week, UOB announced it was acquiring Citigroup’s consumer banking business in Indonesia, Malaysia, Thailand and Vietnam in a nearly S$5 billion deal.