Quezon City–(PHStocks)–Asia United Bank Corp. (AUB) and Asiatrust Development Bank (PSE: ASIA) have entered into an agreement for AUB to acquire the banking assets and ass–(PHStocks)–ume the banking liabilities of Asiatrust. The transaction excludes the trust business of Asiatrust.
The agreement follows the approval by both bank’s Board of Directors of the terms of the transaction and is subject to Asiatrust shareholders’ and regulatory approvals. 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.
ING Bank N.V. is acting as financial advisor to Asiatrust on this transaction.