Citigroup Sells Taiwan Consumer-Banking Business to Singapore's DBS [MarketWatch]
Citigroup, Inc. (C)
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Source: MarketWatch
DBS (ticker: DBSDY) said it will pay Citigroup (ticker: C) cash equivalent to the net assets transferred to acquire Citi's Taiwanese business, plus a premium of S$956 million ($706.6 million). Citi Consumer Taiwan has 2.7 million credit cards, 500,000 deposit and wealth customers and 45 branches. In total, DBS, Singapore's largest bank by market value, will inject about S$2.2 billion into DBS Taiwan. Citigroup last year announced a plan to exit some of its retail business in 13 Asia-Pacific and European countries as it looks to “double down on wealth” and operate its consumer banking franchise solely from four centers in Singapore, Hong Kong, UAE and London. Earlier this month, Citigroup announced its intention to exit its consumer, small business and middle-market banking operations of Banamex . However, Citi said it would continue investing in its investment banking operations in Mexico and its private banking franchise. Citigroup also sold its consumer business in four Sou
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C
Earnings
- 4/12/24 - Beat
C
Sec Filings
- 4/25/24 - Form 424B2
- 4/25/24 - Form 424B2
- 4/25/24 - Form 424B2
- C's page on the SEC website