After DBS Bank bought Citibank's consumer banking business, all ATMs in Taiwan will be abolished.

(Schematic, Bloomberg)

[Reporter Wang Menglun/Taipei Report] The Financial Supervisory Commission announced today that it has approved the merger of DBS Bank to take over Citibank's consumer finance business. Among them, what will happen to the 66 ATMs that were originally Citibank?

The Financial Supervisory Commission gave the answer today, and all ATMs will be abolished on the base date of transfer in August next year, and none will be kept.

After DBS Bank acquired ANZ Bank in the past, it abolished a number of branches. Moreover, DBS also "returned" all its ATMs to "zero", and there was not a single one; After the merger, is there no ATM available?

Will nearby branches also be laid off?

Please read on...

In this regard, Lin Zhiji, deputy director of the Banking Bureau, said that at present, DBS Bank does not have any ATMs at all, while Citibank has 66 ATMs, of which 4 are located outside the bank, and most of the others are in branches; After that, it will no longer provide ATMs, and it is expected to close all its ATMs on the merger base date in August next year.

"According to DBS Bank's assessment, the impact of the abolition of ATMs will not be significant." Lin Zhiji said that DBS explained that it still provides branch counter service. The current approach of DBS Taiwan is to consider cost-effectiveness and encourage customers to use other banks' services. ATMs, and DBS also provides customers with no handling fees for cash withdrawals, discounts on inter-bank handling fees, etc.

As for branch locations, Citi currently has 45 and DBS has 29. After the merger, there will be 74 business locations, of which 48 are in the north, which should be able to provide customers with physical location needs.

Secondly, in terms of credit cards, as of the end of November this year, Citibank had 2.79 million cards and DBS had 650,000 cards, totaling 3.44 million; Only 4.1 billion yuan was spent, ranking 17th in the market. Citibank’s credit card payment was 21.2 billion yuan, ranking 6th in the market. 17 jumped to the top 6.

The Financial Supervisory Commission stated that since Citigroup Taiwan still retains its corporate finance business and operates in Taiwan, the number of banks in the country remains unchanged at 39; people in the financial circle said that although the transaction amount was as high as more than 90 billion yuan, the star Zhan Taiwan took the big pill in one fell swoop, and its market share expanded rapidly. After Citigroup transferred consumer finance to DBS, it can focus more on the development of corporate finance business. Both parties have achieved good synergies.

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