DBS Now Largest Foreign Bank in Taiwan After Finalising Citi Acquisitionby Fintech News Hong Kong August 15, 2023
DBS Bank has wrapped up it acquisition of Citi Consumer Taiwan, positioning itself as the largest foreign bank by assets in that market. The integration was finalised over the last weekend (12 and 13 August 2023).
Following this acquisition, DBS Taiwan said that it will have market leadership in loans, deposits, cards and investments among foreign players in the market.
The number of its consumer banking customers will more than double to over 1.1 million, its total loan balance increases by 1.5x to about SGD 32 billion, while the total deposit balance climbs by 1.6x to about SGD 36 billion.
In addition to that, the number of credit card accounts expanded by nearly five-fold to over 3 million while its investment assets under management more than triples to over SGD 12 billion.
Additionally, close to 3,000 employees from Citi Consumer Taiwan have moved over to DBS.
Piyush Gupta, CEO of DBS said,
“Our successful integration of Citi Consumer Taiwan with DBS continues our strategy of building meaningful scale in our core Asian markets.
By bringing a prized Citi franchise into our fold, we accelerate our consumer business growth in Taiwan by at least 10 years. Overnight, revenue from the market will more than double to over SGD 1.3 billion.”
Ng Sier Han, CEO of DBS Taiwan said,
“Today marks a momentous milestone for DBS Taiwan, made doubly significant as we celebrate our 40th anniversary in the market. Over the years, DBS Taiwan has made significant strides with new innovations in digital banking and more recently, advancements in sustainability.
Our enlarged franchise affords us greater opportunity to continue availing best-in-class products and services to our customers as we set ourselves apart as a different kind of bank – one that enables them to Live more, Bank less.”