DBS Bank, a Singaporean multinational banking and financial services corporation, agreed to acquire the Taiwan consumer banking unit of Citigroup, an American multinational investment bank and financial services corporation, for $715m. "We are very pleased to announce this transaction with DBS, a leading organization with a strong consumer growth strategy in Taiwan which we are confident will provide our customers and employees with excellent opportunities. For Citi, this transaction will enable additional investment in our strategic focus areas, including our institutional businesses in Taiwan, which remains a priority market for our firm," Peter Babej, Citi Asia Pacific CEO.