HONG KONG, Aug 14 (Reuters) – U.S. financial institution Citigroup (C.N) has accomplished the sale and migration of its Taiwan shopper companies to Singapore's DBS Group (DBSM.SI), it stated on Monday.
The now transferred retail enterprise consists of retail banking, bank card, mortgage and unsecured lending companies, in addition to the switch of shut to three,000 staff. The transaction is anticipated to launch $1.2 billion in capital that was beforehand dedicated beneath native regulatory necessities.
Citi's institutional enterprise in Taiwan was excluded from the sale.
Citi has signed gross sales agreements for shopper items in 9 markets and closed gross sales in seven different markets along with Taiwan: Australia, Bahrain, India, Malaysia, the Philippines, Thailand and Vietnam. The lender plans to finish the sale of the ninth shopper unit in Indonesia later this yr.
Citi, in a serious technique shift, has stated it plans to exit shopper banking throughout 14 markets globally.
Reporting by Selena Li; Modifying by Tom Hogue
: .