DBS to buy Citi's Taiwan retail business, take over 3,500 staff

DBS, Southeast Asia's biggest lender, said it will take over 3,500 staff in Citi's Taiwanese business

DBS Group has agreed to buy Citigroup's consumer business in Taiwan in a move that will see the Singapore-based bank pay S$956 million ($706.6 million) above the net asset value, making it Taiwan's largest foreign bank by assets.

DBS, Southeast Asia's biggest lender, said in a statement on Friday that it will take over 3,500 staff in Citi's Taiwanese business that has 2.7 million credit cards, 500,000 deposit and wealth customers and 45 branches.

"Citi Consumer Taiwan is a highly attractive, high-returns business that is expected to contribute at least S$250 million annually in net profit to DBS after Covid-19