The deal was approved by the Financial Supervisory Commission (FSC), Taiwan's top financial regulator, in December 2022.Īfter the FSC's approval, DBS said it would work diligently to complete the acquisition process by August 2023.Īccording to the FSC, the acquisition would allow DBS to take over Citi's 45 existing branch locations, bringing its total to 74, of which around 60 percent would be located in northern Taiwan.īased on a DBS estimate, DBS Taiwan is expected to become Taiwan's 18th largest bank after the acquisition. In January 2022, Citi said it reached an agreement to sell its Taiwan-based consumer banking business to DBS, which will pay the American banking group cash for the net assets of the acquired businesses, plus a premium of about NT$19.8 billion. In a statement, the Investment Commission under the Ministry of Economic Affairs said Tuesday it had given DBS the green light to remit NT$52 billion (US$1.69 billion) into Taiwan to strengthen its Taiwanese unit's capital structure and enhance its capital adequacy ratio. Taipei, May 31 (CNA) Singapore's DBS Bank has secured regulatory approval to raise the capital size of its Taiwanese unit in preparation for its acquisition of the United States-based Citigroup Inc.'s consumer banking business in Taiwan.
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