Jan 28, 2022 / 03:30AM GMT
Michael Sia - DBS Group Holdings Ltd - Head of IR
Hello, everyone, and welcome to this call for the buy and sell sides on the transaction that was announced this morning. You will have watched the media briefing. So we'll start with some remarks -- additional remarks from Piyush, and then we will take questions. Piyush?
Piyush Gupta - DBS Group Holdings Ltd - CEO & Executive Director
Okay. Thanks, Michael. Actually, my remarks are very focused. Michael suggested to me that I might want to spend a couple of minutes trying to explain this whole net asset concept. There are some questions around it.
So when you're doing a purchase of assets and liabilities, which we are, this whole construct that has been created around net asset and using that as a definition of book is a warped construct that makes no sense. In our case, we're taking $11 billion in loans and $15 billion in deposits. So the gap is $4 billion, which they give us in cash. This is just an exchange of cash flows.
So effectively, we account the cash as an asset, they give us $11
DBS Group Holdings Ltd to Acquire Citigroup Consumer Banking Business in Taiwan Analyst Call Transcript
Jan 28, 2022
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