Citi is reportedly in advanced talks to sell its mainland China consumer banking business to Taiwan’s Fubon Financial Holding.
Taipei-based Fubon has emerged as the «likeliest» buyer of Citi’s mainland China consumer business after outbidding competitors, according to a «Bloomberg» report citing unnamed sources.
The two banks are aiming to sign an agreement in the coming weeks for a deal valued at about $1.5 billion, though discussions are ongoing and no final decision has been made.
Fubon
Fubon Financial Holding is Taiwan’s second-largest financial holding company, housing various entities under the Fubon brand including its flagship lender Taipei Fubon Bank which was first established in 1969.
Within mainland China, it has a presence via Fubon Bank China which was formed from the acquisition of a controlling stake in Shanghai-based First Sino Bank in 2014.
Last week, Citi agreed to sell its consumer banking business in Indonesia, Malaysia, Thailand and Vietnam to UOB for about $3.6 billion.
