U.S. bank Citigroup has completed the sale and migration of its Taiwan consumer businesses to Singapore's DBS Group , it said on Monday.
The now transferred retail business 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 release $1.2 billion in capital that was previously committed under local regulatory requirements.
Citi, in a major strategy shift, has said it plans to exit consumer banking across 14 markets globally.
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