Advertisement
Advertisement

DBS to announce purchase of Citi’s Taiwan consumer business -sources

By:
Reuters
Published: Jan 27, 2022, 13:23 UTC

TAIPEI (Reuters) -Singapore's DBS Group will announce on Friday it is to buy Citigroup's consumer finance business in Taiwan, two sources familiar with the matter told Reuters on Thursday.

A logo of DBS is pictured outside an office in Singapore

TAIPEI (Reuters) -Singapore’s DBS Group will announce on Friday it is to buy Citigroup’s consumer finance business in Taiwan, two sources familiar with the matter told Reuters on Thursday.

DBS and Citi declined to comment.

The sources, who spoke on condition of anonymity as they were not authorised to speak to the media, did not provide any further details.

The Wall Street Journal reported this month that the sale could be valued at up to $2.2 billion.

Citi announced last year that it would exit retail operations in 10 markets in Asia as it refocuses on its more lucrative institutional and wealth management businesses.

This month, Citi struck a deal to sell its consumer business in four Southeast Asian markets to United Overseas Bank for about S$5 billion ($3.7 billion).

(Reporting by Emily Chan and Jennifer Yang; Additional reporting by Anshuman Daga in Singapore; writing by Ben Blanchard; editing by Jason Neely)

About the Author

Reuterscontributor

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products:

Did you find this article useful?

Advertisement