FSC Approves DBS Bank Taiwan’s Acquisition of Retail Banking Business of Citibank Taiwan
2022-12-22
Press Release
December 22, 2022
The Financial Supervisory Commission (FSC) approves the acquisition of retail banking business of Citibank Taiwan Ltd. (Citibank Taiwan) by DBS Bank (Taiwan) Ltd. (DBS Taiwan) with cash as the consideration.
According to estimates as of June 30, 2021, the assets transferred from Citibank Taiwan to DBS Taiwan totaled NT$392.258 billion and the liabilities totaled NT$320.736 billion. As of the scheduled transfer date, August 12, 2023, DBS Taiwan's total assets will reach NT$852.721 billion and the number of domestic business locations will reach 74.
According to the application documents of the two banks, after Citibank Taiwan transfers its retail banking business to DBS Taiwan, it can focus on corporate finance business development. The expansion of DBS Taiwan's business operations will help it create economies of scale and corporate synergy, and provide customers with more diverse products and services.
The FSC will supervise Citibank Taiwan and DBS Taiwan in terms of their business conditions, transaction and information security, compliance with related regulations, and protection of the rights and interests of customers and employees before, during, and after the transfer.
December 22, 2022
The Financial Supervisory Commission (FSC) approves the acquisition of retail banking business of Citibank Taiwan Ltd. (Citibank Taiwan) by DBS Bank (Taiwan) Ltd. (DBS Taiwan) with cash as the consideration.
According to estimates as of June 30, 2021, the assets transferred from Citibank Taiwan to DBS Taiwan totaled NT$392.258 billion and the liabilities totaled NT$320.736 billion. As of the scheduled transfer date, August 12, 2023, DBS Taiwan's total assets will reach NT$852.721 billion and the number of domestic business locations will reach 74.
According to the application documents of the two banks, after Citibank Taiwan transfers its retail banking business to DBS Taiwan, it can focus on corporate finance business development. The expansion of DBS Taiwan's business operations will help it create economies of scale and corporate synergy, and provide customers with more diverse products and services.
The FSC will supervise Citibank Taiwan and DBS Taiwan in terms of their business conditions, transaction and information security, compliance with related regulations, and protection of the rights and interests of customers and employees before, during, and after the transfer.
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2022-12-30