Clifford Chance and Lee & Li advised Citibank on the sale of its consumer banking business in Taiwan to Singapore’s DBS Bank. The completion of this transaction now makes DBS the largest foreign capital bank in Taiwan.
Clifford Chance represented Citibank, which received advice from a multinational team with lawyers in Hong Kong, London and Washington DC, led by partner Amy Ho. Team members included partners André Duminy, Alistair Woodland, Hywel Robinson, Nicola Hemsley, Sue Hinchliffe and Angela Kearns. Lee & Li acted as legal counsel for Citibank on Taiwan law.
Singapore-based multinational bank DBS announced its agreement in January last year to acquire the net assets of Citibank’s consumer sector by cash, along with a premium of SGD956 million (USD704.12). At that time, Lim Him Chuan, the then-general manager of DBS Taiwan, said the headquarters would inject a total of SGD2.2 billion into the deal. The Citibank sell-off included the retail banking, credit card, mortgage and unsecured lending businesses, as well as the transfer of 3,000 employees.