Citigroup Inc on April 15 announced a change to its corporate strategy, including the sale of its consumer business in Taiwan and 12 other markets.
“The process has just started and will take some time,” Citibank Taiwan Ltd (花旗台灣) said in a statement. “For the time being, no specific buyer has been identified for the Taiwan consumer business.”
Until a buyer is found, it would “continue to serve our customers with the same care, empathy and dedication that we do today,” the lender said.
Photo courtesy of Citibank Taiwan Ltd
Citibank said that there would be no changes for its credit card and banking customers, including for those enrolled in its reward points program.
All operations, including, banking, credit cards, branches, call centers and offices, would continue to operate normally, Citibank said.
“This strategic action will in no way dilute our long-term commitment to Taiwan. With this strategic repositioning, Citi will be able to further invest our resources in the significantly growing institutional business in Taiwan, which spans across corporate and investment banking, commercial banking, markets, treasury and trade solutions,” the bank said.
“Citi will remain strongly committed to the Taiwanese market and strive to be the best banking partner for local and multinational corporations, financial institutions and public sector entities,” Citibank Taiwan chairman Paulus Mok (莫兆鴻) said.
“As we transition our franchise toward future growth opportunities, we will continue to leverage Citi’s unique global network and innovation capability to offer a broad spectrum of global banking products and services to help our customers achieve sustainable growth and progress,” he said.
The Financial Supervisory Commission (FSC) yesterday fined Citibank Taiwan Ltd (花旗台灣) NT$10 million (US$357,194) and DBS Bank Taiwan (星展台灣) NT$6 million for breaches of the nation’s anti-money laundering (AML) regulations. The NT$10 million fine is the highest penalty that it has imposed on a domestic bank, the commission said. Citibank Taiwan failed to set up a sound mechanism for evaluating clients’ risk of money laundering and for detecting suspicious transactions, Banking Bureau Deputy Director-General Huang Kuang-hsi (黃光熙) told a news conference in New Taipei City. The bank based its AML policies on those of its US-based parent company, Citigroup Inc, but the policies
The rise of the cryptocurrency dogecoin has reached a new level after the token was used to pay for a lunar satellite launch. SpaceX, Elon Musk’s commercial rocket firm, is to embark on a moon voyage next year carrying a so-called cubesat — a mini-satellite used for space research — from Geometric Energy Corp that has been paid for entirely in dogecoin. The development is the latest twist in the saga over the digital token, which started as a joke in 2013, but is now a dominating Internet meme and sitting on a 21,000 percent rally in the past year. Musk has
CAPACITY EXPANSION: Construction of the site, which is to be the firm’s first mRNA production facility outside of Europe, is to begin this year and likely finish in 2023 COVID-19 vaccine maker BioNTech SE yesterday said it would build a Southeast Asia headquarters and manufacturing site in Singapore to produce hundreds of millions of messenger RNA (mRNA)-based vaccines per year. Construction of the site would start this year, and it could become operational by 2023, the German company said in a statement. “With this planned mRNA production facility, we will increase our overall network capacity, and expand our ability to manufacture and deliver our mRNA vaccines and therapies to people around the world,” BioNTech chief executive Ugur Sahin said. The vaccine produced by BioNTech jointly with Pfizer Inc of
COMPETITIVE: The chip designer is offering an annual compensation of NT$1.5 million to NT$2 million, in addition to cash and stock bonuses to attract workers MediaTek Inc (聯發科), the world’s biggest designer of 5G handset chips, is stepping up its recruitment drive this year, with plans to hire more than 2,000 engineers specializing in core technologies, including 5G, wireless communication and artificial intelligence (AI). That would be double from the more than 1,000 people it hired on average in the past few years, as the Hsinchu-based company looks to boost growth this year and beyond. It also comes as the company plans to launch a new 5G chip, Dimensity 2000 series, which supports mmWave technology and sub-6-gigahertz technology, at the end of this year. That would be