TAIPEI, Taiwan - Citigroup Inc. expects profit from its Taiwan operations to grow in 2008, following its $427 million acquisition of the Bank of Overseas Chinese, an official said Saturday.
Citigroup (nyse: C - news - people ), the most profitable foreign bank in Taiwan, posted a pretax profit of NT$10.32 billion ($320 million) during the three quarters ending Sept. 30, according to data on the Financial Supervisory Commission Web site.
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Citigroup has set up a wholly-owned entity, Citibank Taiwan Ltd., to take over Bank of Overseas Chinese's rights and obligations.
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