Citigroup to buy Taiwan's BOOC for 6 mln

Taipei, Apr 9: Citigroup said it will pay T.1 billion (6 million) for Taiwan's Bank of Overseas Chinese (BOOC), its third Asian purchase in recent months as it looks to boost overseas earnings.

Citigroup's U.S.-based Chief Executive Charles Prince said last month he wanted to increase earnings from foreign markets to up to 65 percent of its total from a current 45 percent.

''The most important global strategy for Citi is to expand our international presence and profitability. It is the same strategy we are using in Taiwan,'' the group's Taiwan country officer Morris Li told a news conference on Monday to announcethe deal.

The acquisition reflects a broader worldwide consolidation as major global players beef up their international portfolios, particularly in fast-growing Asian markets.

Citigroup, the world's most valuable bank, is also buying Nikko Cordial Corp., Japan's No.3 brokerage, for US billion and, in November, it led a group buying control of China's Guangdong Development Bank for