Citi Completes Sale of Taiwan Consumer Businesses to DBS
Eight Total Divestitures Completed as Part of Citi’s Strategy Refresh
TAIPEI - Citi announced today it has successfully completed the sale and full migration of its Taiwan consumer businesses to DBS. The sale, which was announced in January 2022, includes retail banking, credit card, mortgage and unsecured lending businesses, as well as the transfer of close to 3,000 employees.
The transaction is expected to result in a regulatory capital benefit of approximately US$1.2 billion.
Citi's institutional client businesses in Taiwan are excluded from the sale, and Citi remains focused on serving institutional clients in Taiwan locally, regionally and globally.
Since announcing its intention to exit consumer banking across 14 markets in Asia, Europe, the Middle East and Mexico as part of its strategic refresh, Citi has signed sales agreements in nine markets and has now closed sales in eight of those markets including Australia, Bahrain, India, Malaysia, the Philippines, Thailand and Vietnam, in addition to Taiwan. Citi plans to complete the sale of its Indonesia consumer business later this year. The previously announced wind-downs of Citi’s consumer business in China and Korea and overall presence in Russia are in progress. Citi also announced that it will pursue an IPO of its consumer, small business and middle market banking operations in Mexico, and that it intends to restart the exit process for the consumer banking business in Poland later in 2023, subject to market conditions.
Peter Babej, Citi Asia Pacific CEO, said, "As we conclude the sale of our consumer business in Taiwan, we remain committed to growing our market-leading institutional franchise and supporting clients in the market and across the region through our global network.”
Titi Cole, Citi Legacy Franchises CEO, said, “We are sincerely grateful to our former employees for their steadfast commitment to clients and are confident that they’ll have a great future with DBS. We have made significant progress in executing Citi’s strategy, and completing this transaction is another important step forward in simplifying the firm.”
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
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Media Contacts
Hong Kong: James Griffiths, 852 2868 7668, james.a.griffiths@citi.com
New York: Danielle Romero Apsilos, 212 816 2264, danielle.romeroapsilos@citi.com
Investor Contact
Jennifer Landis: 212 559 2718, jennifer.am.landis@citi.com
Certain statements in this release are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial conditions may differ materially from those included in these statements due to a variety of factors. These factors include, among others, macroeconomic and local market conditions; satisfaction of closing conditions; governmental or regulatory requirements and actions; the imposition of additional sanctions and export controls; and the precautionary statements included in this release. These factors also consist of those contained in Citi’s filings with the U.S. Securities and Exchange Commission, including without limitation the “Risk Factors” section of Citi’s 2022 Form 10-K. Any forward-looking statements made by or on behalf of Citi speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.