DBS Bank has won a government auction to acquire the “good bank assets” of Bowa Bank in Taiwan.

Under the terms of the transaction, DBS will acquire Bowa’s net loans of approximately NT$66.3 billion (S$2.9 billion), and another NT$92.3 billion (S$4.1 billion) of deposits.

DBS did not disclose the financial value of the transaction.

The deal will also give Singapore’s largest bank access to 39 branches, 3 business units and over 750,000 depositors in Taiwan.

Following the acquisition, DBS will have a total of 43 distribution outlets across Taiwan, of which 20 are in the Taipei area.

Posted: 02|1|08 at 4:35 pm. Filed under: Auction News.