DBS completes integration of Citi Taiwan consumer business
Almost 3,000 Citi employees are now part of DBS Taiwan.
DBS Bank has completed its acquisition of Citi’s consumer banking business in Taiwan.
Integration was successfully completed over the weekend of 12 and 13 August, according to a press release by Singapore’s biggest bank by assets. This includes close to 3,000 employees of Citi Consumer Taiwan, who have been moved over to DBS.
DBS is now Taiwan’s largest foreign bank by assets.
CEO Piyush Gupta said that the integration accelerated the growth of DBS’ consumer business in Taiwan by at least a decade.
“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 S$1.3b,” Gupta said.
“With the transaction, I am also confident that we will be able to provide more value to our customers, in particular, helping them grow their wealth through innovative products, and helping those who are business owners expand into new markets or participate in regional trade flows,” he added.
After integration, DBS’ consumer banking customers in Taiwan have doubled to over 1.1 million, and total credit card accounts up fivefold to over 3 million accounts.
The intergration also raised DBS’ loans and deposits in Taiwan. Total loan balance is up 1.5 times to S$32b, and total deposit balance is up 1.6 times to S$36b.
Investment assets under management has also tripled to S$12b.
DBS Taiwan CEO Ng Sier Han said that the intergration marks a milestone in tandem with the franchise’s 40th anniversary in the market.
“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,” Ng said, quoting DBS’ tagline.