Citigroup to become largest foreign bank in Taiwan

The US bank acquires 100% of Bank of Overseas Chinese in Taiwan for $427 million adding significantly to its own operations in the country.

Citigroup announced on April 9 that it will acquire 100% of the Bank of Overseas Chinese BOOC in Taiwan for approximately NT$14.1 billion $427.3 million, in a deal which makes it the largest international bank operating in Taiwan.

The transaction will be effected via a cash-out merger at a price of NT$11.80 per share in cash, subject to closing adjustments. Citigroup says it expects the transaction to be accretive in its first year.

Citigroup has secured buy-in...

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