Predict your next investment

Corporation
FINANCIAL | Retail Banking
fubon.com

See what CB Insights has to offer

Investments

6

Portfolio Exits

1

About Fubon Financial Holding

Fubon Financial Holding (2881.TW) is a financial investment holding company that consists of the following key subsidiaries: Fubon Asset Management, Fubon Insurance, Fubon Securities, Fubon Bank, Fubon Life, and Fubon Bank.

Fubon Financial Holding Headquarter Location

Taipei,

Taiwan

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Fubon Financial Holding Web Traffic

Rank
Page Views per User (PVPU)
Page Views per Million (PVPM)
Reach per Million (RPM)
CBI Logo

Fubon Financial Holding Rank

Latest Fubon Financial Holding News

DBS, StanChart plan to bid for Citigroup Asia retail units

Oct 22, 2021

Intellasia East Asia News 22-Oct-2021 Intellasia | Bloomberg | 5:02 AM DBS Group Holdings Ltd and Standard Chartered Plc are among the lenders planning to bid for Citigroup Inc. consumer banking assets in Asia as the US lender divests units across five markets in the region, according to people familiar with the matter. Binding bids for Citigroup’s retail assets in Indonesia, the Philippines, Taiwan and Thailand are due Friday, while offers for the India unit are due next week, said the people, who asked not to be identified because the information is confidential. The sales offer the buyers a chance to scale up high-end credit card and wealth businesses whose appeal to banks lies primarily in their high fees rather than interest income in regions that no longer fit in Citigroup’s refreshed strategy. Under Chief Executive Officer Jane Fraser, the bank is exiting 13 markets across Asia and Europe, the Middle East and Africa. Its Australia business was sold to National Australia Bank Ltd in August. The Asia sales come as the bank reshapes its business around more profitable units like investment banking, and focuses its wealth business around hubs in Hong Kong, London, Singapore and the United Arab Emirates. Citigroup plans to raise $150 billion in new money and hire 2,300 staff in Asia for wealth management by 2025. In investment banking this year, Citigroup is the top-ranked foreign firm in the initial public offering league tables for Asia ex-Japan, and fifth for dealmaking, according to data compiled by Bloomberg. Deliberations are ongoing and the prospective suitors could decide not to proceed with offers, the people said. A spokesperson for Citigroup in Asia said “conversations with potential buyers continue with strong interest from a broad range of bidders.” Singapore’s DBS plans to submit binding offers for both Indonesia and Taiwan, the people said. CEO Piyush Gupta said in August the bank’s capital levels were high enough to buy more assets without raising extra funds, and expressed interest in several Asian markets. A representative for DBS declined to comment. Beyond valuation, Citigroup will evaluate the proposals in each market based on other issues such as antitrust, job protection and strategy, one of the people said. Taiwan Citigroup’s Taiwan consumer assets could fetch about $2 billion in a sale, the people said. DBS, Standard Chartered, Cathay Financial Holding Co. and Fubon Financial Holding Co. are set to lodge bids, the people said. The business could even raise close to $4 billion, depending on which assets are included, one of the people said. Taiwan’s government will monitor and prevent Citigroup from transferring high-net worth clients in Taiwan to its units in Hong Kong and Singapore, the island’s financial regulator said in April. Representatives for Standard Chartered and Fubon declined to comment. Cathay did not immediately respond to telephone calls and emails seeking comment. Thailand Bangkok Bank Pcl is planning to make an offer for Citigroup’s Thai assets, which could be valued at more than $2 billion, the people said. Bank of Ayudhya Pcl, owned by Japanese lender Mitsubishi UFJ Financial Group Inc., is also weighing a bid, they said. A representative for Bangkok Bank declined to comment, while Bank of Ayudhya didn’t immediately respond to an email seeking comment. India Citigroup has set a bid deadline next week for its Indian consumer assets, which could be valued about $2 billion in a sale, the people said. Kotak Mahindra Bank Ltd, which is controlled by the world’s richest banker, Uday Kotak, is planning to bid for the assets, the people said. HDFC Bank Ltd and ICICI Bank Ltd are also weighing bids, they said. Representatives for Kotak Mahindra and HDFC Bank declined to comment. ICICI didn’t respond to emails seeking comment. Indonesia and the Philippines DBS is planning to bid for Indonesia, while its Singaporean rival United Overseas Bank Ltd is considering making an offer, the people said. UOB CEO Wee Ee Cheong said in May that the bank would look at the assets. Malayan Banking Bhd. is also weighing a bid for the Citigroup unit, the sale of which could value the business as much as $1 billion, they said. A representative for Maybank declined to comment. UOB didn’t immediately respond to requests for comment. BDO Unibank, Metropolitan Bank & Trust Co., Bank of the Philippine Islands and Union Bank of the Philippines are mulling offers for Citigroup’s Philippines assets, which could fetch as much as $1 billion in a sale, they said. Union Bank President Edwin Bautista said in response to a Bloomberg News query that the assets will likely go to one of the country’s big three banks, and declined to comment further. Representatives for BPI and Metrobank declined to comment, while a representative for BDO Unibank couldn’t immediately comment.

Fubon Financial Holding Investments

6 Investments

Fubon Financial Holding has made 6 investments. Their latest investment was in Taiwan Power Company as part of their Unattributed on October 10, 2021.

CBI Logo

Fubon Financial Holding Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

10/4/2021

Unattributed

Taiwan Power Company

Yes

1

8/16/2021

Series A - II

Subscribe to see more

$99M

Subscribe to see more

10

8/10/2021

Series D

Subscribe to see more

$99M

Subscribe to see more

10

6/18/2021

Series A

Subscribe to see more

$99M

Subscribe to see more

10

11/19/2018

Loan

Subscribe to see more

$99M

Subscribe to see more

10

Date

10/4/2021

8/16/2021

8/10/2021

6/18/2021

11/19/2018

Round

Unattributed

Series A - II

Series D

Series A

Loan

Company

Taiwan Power Company

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Amount

$99M

$99M

$99M

$99M

New?

Yes

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Co-Investors

Sources

1

10

10

10

10

Fubon Financial Holding Portfolio Exits

1 Portfolio Exit

Fubon Financial Holding has 1 portfolio exit. Their latest portfolio exit was Nutmeg on June 17, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

6/17/2021

Acquired

$991

30

Date

6/17/2021

Exit

Acquired

Companies

Valuation

$991

Acquirer

Sources

30

Fubon Financial Holding Acquisitions

1 Acquisition

Fubon Financial Holding acquired 1 company. Their latest acquisition was Jih Sun Financial Holding on March 24, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

3/24/2021

$991

Acq - P2P

6

Date

3/24/2021

Investment Stage

Companies

Valuation

$991

Total Funding

Note

Acq - P2P

Sources

6

CB Insights uses Cookies

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.