SINGAPORE (Reuters) – DBS Group has agreed to buy Citigroup’s consumer business in Taiwan in a move that will see the Singapore-based bank pay S$956 million ($706.6 million) above the net asset value, making it Taiwan’s largest foreign bank by assets.

DBS, Southeast Asia’s biggest lender, said in a statement on Friday that it will take over 3,500 staff in Citi’s Taiwanese business that has 2.7 million credit cards, 500,000 deposit and wealth customers and 45 branches.

“Citi Consumer Taiwan is a highly attractive, high-returns business that is expected to contribute at least S$250 million annually in net profit to DBS after Covid-19 recovery,” DBS CEO Piyush Gupta said in a statement.

The transaction comes after Citi announced last year that it would exit retail operations in 10 markets in Asia as it refocuses on its more lucrative institutional and wealth management businesses.

DBS said it will pay cash for the net assets of Citi’s consumer business in Taiwan plus a premium of S$956 million.

Citing sources, Reuters had reported late on Thursday that DBS would announce the purchase on Friday.

Earlier this month, Citi struck a deal to sell its consumer business in four Southeast Asian markets to United Overseas Bank for about S$5 billion.

($1 = 1.3529 Singapore dollars)

(Reporting by Anshuman Daga and Indranil Sarkar; Editing by Sherry Jacob-Phillips)