BS Group (SGX: D05) is on a roll.
Singapore’s largest lender just announced that it will acquire Citigroup’s (NYSE: C) consumer banking business in Taiwan for a total of around S$2.2 billion.
This purchase is set to catapult DBS into the big league in Taiwan as the country’s largest foreign bank by assets.
It will also bring together DBS’ Taiwan division and Citi’s franchise and help to accelerate DBS’ Taiwan growth by at least a decade.
This acquisition is the third for DBS since the onset of COVID-19.
In late 2020, it announced the acquisition of India’s Lakshmi Vilas Bank for around S$463 million.
This was followed by DBS’s move to acquire a 13% stake in Shenzhen Rural Commercial Bank last year for around S$1.1 billion.
The deal size for this Taiwan acquisition is almost double that of its China purchase and looks set to add positively to DBS’ top and bottom lines....