Clifford Chance advises Citi on the sale of its Taiwan consumer banking businesses to DBS

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17 August 2023

Amy Ho, Cecilia Chan, Declan Ng, Tobias Wong, Melissa Fogarty, Niall O'Shea, André Duminy, Richard Jones, Jenni Polson, Nicola Hemsley, Nicola Griffin, Viktoria Parkhomenko, Hywel Robinson, , Alistair Woodland, Alistair Green, Anita Lam, Sue Hinchliffe, Duarte Peres, Michael Van Arsdall, Angela Kearns, James Law
Hong Kong, London, Washington D.C.

Clifford Chance advises Citi on the sale of its Taiwan consumer banking businesses to DBS

Leading international law firm Clifford Chance has advised Citi on the sale of its consumer banking businesses in Taiwan to DBS.

The sale, which includes retail banking, credit card, mortgage and unsecured lending businesses, as well as the transfer of close to 3,000 employees, makes DBS the biggest foreign bank in Taiwan.

Lead partner Amy Ho said, "We're honoured to advise our longstanding client Citi on this complex transaction, which represents an important milestone in the execution of Citi's strategy to simplify the firm. The sale and transfer process to DBS involved an accelerated transaction timeline, which speaks to the strength of our global team and ability to advise our client on a range of issues, from M&A, technology, employment, pensions, tax, antitrust and real estate. We wish DBS Taiwan every success in their next phase of growth."

A cross-border Clifford Chance team in Hong Kong, London and Washington, DC advised on the transaction, including on M&A (Amy Ho, Cecilia Chan, Declan Ng, Tobias Wong, Adam Boulanger, Melissa Fogarty, Niall O'Shea), technology and data (André Duminy, Richard Jones, Jenni Polson), employment (Alistair Woodland, Alistair Green, Anita Lam), pensions (Hywel Robinson, Matthew Preston), tax (Nicola Hemsley, Nicola Griffin, Viktoria Parkhomenko), antitrust (Sue Hinchliffe, Duarte Peres, Michael Van Arsdall), and real estate (Angela Kearns, James Law).

Lee & Li acted as Taiwanese local counsel.

Clifford Chance recently advised Citi on the sale of its consumer banking business in India to Axis Bank.

高伟绅代表花旗银行向星展银行出售花旗银行台湾消费金融业务提供法律咨询

国际领先律师事务所高伟绅代表花旗银行向星展银行出售花旗银行台湾消费金融业务提供法律咨询。
本次出售涉及零售银行业务、信用卡业务、抵押贷款业务和无担保贷款业务以及向星展银行转移近3,000名员工。交易完成后，星展银行将成为台湾最大的外国银行。

高伟绅牵头合伙人何美玉表示：我们非常荣幸能够在本项复杂的交易中为我们的长期客户花旗银行提供法律服务，同时本交易亦代表花旗银行精简策略的一个重要里程碑。本交易向星展银行的出售和转移过程涉及加速的时间表，显示了全球高伟绅团队的实力以及为客户的各类问题，包括并购、技术、劳动聘用、养老金、税务、反垄断和不动产领域，提供法律咨询的能力。我们预祝星展银行台湾分行在下段的增长过程中取得成功。

理律法律事务所担任本交易的台湾法律顾问。

高伟绅近期曾为花旗银行向Axis Bank出售花旗银行印度消费金融业务提供法律咨询。