DBS Bank Taiwan acquiring Citibank’s consumer banking unit

DBS Bank Taiwan is reportedly acquiring the consumer banking business of Citibank Taiwan for about USD2.17bn. The two banks, however, remained mum on the deal. According to a report by the Chinese-language Economic Daily News, DBS Taiwan is expediting the negotiations with Citibank Taiwan’s US-based parent. Other bidders, including Fubon Holdings and Cathay Financial, have dropped their bids. Citibank Taiwan is one of the four major foreign banks in terms of credit card operations. DBS Taiwan ranks third. If the deal pushes through, DBS Taiwan will outrank all foreign banks in Taiwan if it is able to retain all of Citibank Taiwan’s clients, according to reports.