Asiatrust sale to AUB gets central bank approval

Asia United Bank Corp. welcomed the Bangko Sentral Approval of its acquisition of Asiatrust Development Bank.

It could now pursue plans to fully integrate the commercial bank’s assets and liabilities into its fold.

AUB bought the banking assets and will assume the banking liabilities of Asiatrust under the transaction. The deal would increase the total resources of AUB, a medium-sized commercial bank, by more than P4 billion and expand its nationwide network presence to 102 branches.

“The acquisition is in line with our aspiration to make AUB a stronger and more formidable banking industry player as we create synergies with Asiatrust,” said AUB president Abraham Co.

The transaction is targeted to be completed within the first half of 2012. The 28 branches of Asiatrust, most of which are in Metro Manila, will become AUB branches upon completion of the transaction.

Bangko Sentral’s policy-making Monetary Board made the formal approval during its regular meeting.

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