Citi Completes Acquisition of BOOC in Taiwan
Expands Network to 66 Branches & Adds One Million Clients
Company Names Morris Li Chairman & Victor Kuan President of New Subsidiary
Taiwan – Citi announced today that it has successfully completed the acquisition of Bank of Overseas Chinese (BOOC), at NT$11.6280 per share. The total transaction amounts to NT$13.889 billion (USD427 million). The transaction expands Citi’s domestic network to 66 branches and adds one million new clients in Taiwan.
The new subsidiary, Citibank Taiwan Limited, will take over all of BOOC’s rights and obligations, including operations, assets and liabilities.
Citi also announced the appointments of Morris Li, Citi Taiwan’s Country Officer as Chairman of Citibank Taiwan Limited, and Victor Kuan, Citibank Country Business Manager as its President.
Robert Morse, CEO of Citi Markets & Banking, Asia Pacific, said: “This acquisition opens a new chapter of growth for Citi in Taiwan, which has been an important contributor to the growth of our Asia Pacific franchise. It allows us to reach more clients across Taiwan and expand into the fast-growing SME and MME segments, who want access to our capital markets’ capabilities and international network.”
Stephen Bird, CEO of Citi’s Global Consumer Group, Asia Pacific, said: “An expanded network and customer base gives us a solid foundation upon which to continue to grow our consumer business. As we fully integrate the two operations, our new one million retail clients will begin to experience the benefits of our combined network and the full range of credit cards, and retail banking and wealth management products that Citi offers.”
Morris Li, Citi Taiwan Country Officer, said: “We want to continue to grow in Taiwan and this merger gives us the ability to greatly enhance our franchise. In addition to new branches and host of new corporate and consumer client relationships, we are also fortunate to be gaining a large and professional workforce through BOOC. They join a highly committed team of Citi employees, whose goal is to maintain Citi’s leadership in the local market.”
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