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Citi completes sale of Taiwan consumer unit to Singapore's DBS


US banking giant Citigroup announced the completion of the sale and migration of its Taiwan consumer businesses to Singapore's DBS Group. The transferred portfolio includes retail banking, credit card, mortgage, and unsecured lending businesses, along with nearly 3,000 employees. The transaction is anticipated to free up USD1.2bn in capital that had been committed under local regulatory requirements. Notably, Citi’s institutional business in Taiwan remains unaffected by this sale. This move is part of Citigroup's larger strategy, as it has signed agreements to sell consumer units in nine markets, successfully closing sales in seven, including Taiwan, with plans to complete the sale of its consumer unit in Indonesia later this year.

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