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.