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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.

Sameera Anand

April 10, 2007

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 from a group of major shareholders including Polaris Securities, Far Glory Life Insurance and APEX International, who will support the Citigroup offer at the BOOC shareholder meeting.

Citigroup will integrate its own Taiwan operations with...

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