InterAksyon.com means BUSINESS
MANILA, Philippines - The shareholders of Asiatrust Development Bank Inc. have approved its acquisition by Asia United Bank Corp. (AUB).
In February, the two banks had entered into an agreement that would pave the way for AUB to acquire the assets and assume Asiatrust's liabilities, excluding the trust business.
Asiatrust told the Philippine Stock Exchange it would work closely with AUB to obtain final regulatory approvals to complete the sale, which should be concluded within the first half of this year. After this, the 28 branches of Asiatrust, mostly in Metro Manila, would become AUB branches.
"The approval by Asiatrust shareholders of the agreement with AUB puts one step closer to the completion of the transaction. Asiatrust customers will soon be able to access AUB's wider distribution network and wider array of product offerings," said Roland M. Garcia, Asiatrust vice chairman.
Dionisio C. Ong, Asiatrust president and chief executive, said AUB is a strong bank that has emphasized customer service in stride with its accelerated expansion.
"We are confident that AUB will be able to match the high quality of service we have delivered to our customers," he added.
Asiatrust shareholders also approved the change of corporate name to NextGenesis Holdings Corp., together with the amendment in the purpose of the company from a bank to a holding firm.
These changes would become effective upon the completion of AUB's acquisition.
InterAksyon.com means BUSINESS
BUSINESS NEWS
