ASIA UNITED Bank (AUB) has acquired the banking business of Asiatrust
Development Bank, Inc. (Asiatrust) after the board of directors of both
companies approved the transaction, a disclosure to the stock exchange
on Wednesday said.
In its disclosure, Asiatrust said: "AUB and Asiatrust wish to announce
they have entered into an agreement for AUB to acquire the banking
assets and assume the banking liabilities of Asiatrust."
The acquisition, however, excludes the trust business of Asiatrust.
The disclosure also said the sale is still subject to regulatory and
Asiatrust shareholders' approval.
"The acquisition is targeted to be finalized within the first half of
the year," Asiatrust said.
Under the deal, Asiatrust's 28 branches -- all in Luzon -- will be
absorbed by AUB, whose branches will increase to 100.
"Acquisition of the Asiatrust banking business will allow us to deliver
the AUB brand of service commitment and excellence to more clients
within a short period of time. We look forward to serving Asiatrust
clients soon," the disclosure quored AUB President Abraham T. Co as saying.
"We are happy to entrust our customers to a strong, highly profitable
and growing bank, which has a proven track record in operational
intergration and is at the forefront of enhancing customer service
experience," Asiatrust Vice-Chairman Roland M. Garcia said in the same
statement. "We will work closely with AUB towards a smooth transition."
For his part, Dionisio C. Ong, president and chief executive officer of
Asiatrust, was quoted as saying: "We are confident that AUB will be able
to serve our customers and depositors with the same top-quality service
that our clients had been accustomed to more than 50 years."
"The integration of Asiatrust into AUB will allow our customers to
access a wider distribution network and more product offering," Mr. Ong
added.
Isabelita C. Sales, Asiatrust's corporate information officer, and
Consuelo D. Garcia, country manager of ING Bank N.V. which acted as
financial adviser to Asiatrust on the deal, declined to divulge further
details.
As of end-2011, assets of AUB -- a Filipino-Taiwanese-Singaporean joint
venture -- totaled P50 billion while capital funds stood at P9 billion.
AUB bought the Cooporative Bank of Cavite last year and the Rural Bank
of Angeles in Angeles City, Pampanga in 2010. -- ARRG
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