Singapore-based DBS Bank has completed the acquisition of Citigroup’s consumer banking business in Taiwan, Citi Consumer Taiwan, for a total consideration of $706m.

With the acquisition, DBS becomes Taiwan’s largest foreign bank with respect to assets.

The transaction strengthens its market position in loans, deposits, cards and investments among foreign players in the market, said the Singaporean bank.

DBS’ consumer banking customers increased by more than double, total loan balance by 150%, deposit balance by 160%, and credit card customers by nearly five times.

The bank’s assets under management more than tripled to reach SGD12bn ($8.8bn) and nearly 3,000 employees from Citi Consumer Taiwan have moved over to DBS.

DBS Taiwan CEO Ng Sier Han said: “I am delighted to welcome our new Citi colleagues to the DBS family. Since we announced the transaction back in 2022, we have been working towards a seamless transition of the two businesses.

“Today marks a momentous milestone for DBS Taiwan, made doubly significant as we celebrate our 40th anniversary in the market.

“Over the years, DBS Taiwan has made significant strides with new innovations in digital banking and more recently, advancements in sustainability.

“Our enlarged franchise affords us greater opportunity to continue availing best-in-class products and services to our customers as we set ourselves apart as a different kind of bank – one that enables them to Live more, Bank less.”

In January last year, DBS agreed to acquire Citigroup’s consumer banking business in Taiwan, for a total consideration of around SGD956m ($706m).

The acquisition builds on Citi’s plan to exit from 13 markets across the Asia Pacific and EMEA.

With the transaction, Citi is expected to benefit from around $800m of allocated tangible common equity, and around $7bn through the exit from other markets.

DBS said that the integration of Citi Consumer Taiwan with its operations will support its strategy of building meaningful scale in its core Asian markets.

It aims to advance its consumer business growth in Taiwan by at least 10 years.

DBS CEO Piyush Gupta said: “With the transaction, I am also confident that we will be able to provide more value to our customers, in particular, helping them grow their wealth through innovative products, and helping those who are business owners expand into new markets or participate in regional trade flows.”