DBS tipped as winner for Citigroup’s Taiwan assets: WSJ

DBS Bank branchDBS Bank branch

Another source has tipped DBS as the winner of the race to acquire Citigroup’s Taiwan assets. 

The Wall Street Journal, citing a person familiar with the matter, reported Tuesday the Singapore-based bank appeared to have a lock on a deal. 

The deal was valued at 50 billion to 60 billion New Taiwan dollars, or around US$1.8 billion to US$2.2 billion, the Wall Street Journal report said, citing the source. 

DBS had been tipped as the winner by a Sunday report, citing unnamed sources, from Taiwan’s Economic Daily.

Both DBS and Citigroup have previously declined to comment to Shenton Wire on the Economic Daily report.

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.