Citi sells Taiwan retail presence to Singapore giant DBS
Summary
• In addition to retail banking, the transaction includes Citi’s credit card, mortgage and unsecured lending businesses in Taiwan, encompassing 2.7 million accounts. Citi will hold on to its institutional business in Taiwan, which “remains a priority market for our firm,” the bank’s Asia-Pacific CEO, Peter Babej, said in a release Friday. The bank laid out a strategy in April 2021 to exit from retail operations in 13 markets, concentrating instead on four hubs with higher returns: London, Singapore, Hong Kong and the United Arab Emirates. DBS CEO Piyush Gupta had also expressed interest in Citi’s India presence, Bloomberg reported, but opted to focus on Taiwan, which he saw as a more attractive prospect. DBS said it intends to make employment offers to all 3,500 of Citi’s Taiwan consumer-banking staff members, but Gupta added he expects 10% to 20% employee attrition over time.
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