Asia United Bank acquires Asia Trust Bank

Asia United Bank, a full Philippine commercial bank, has successfully acquired Asiatrust Development Bank, Inc. on Wednesday, reports said. AUB will be acquiring the banking assets of Asiatrust at the same time assuming the liabilities of the latter following the approval of the terms of the transaction by both lenders’ boards, subject to shareholders’ and regulatory approvals. However, the trust banking business of Asiatrust is not included in the said deal.

Asiatrust was said to have already informed the Philippine Stock Exchange about the agreement on the same day.

The transaction is expected to be completed within the first half of 2012 and would pave the way for the 28 branches of Asiatrust, mostly located in Metro Manila, to be converted into Asia United Bank upon completion. This will hike Asia United Bank's branches to reach one hundred (100).

AUB is a private commercial bank established in 1997 with 72 branches nationwide. As of end-2011, AUB’s total assets stood at approximately Php50 billion, with capital funds of over Php9 billion. AUB’s recent acquisitions also include the Cooperative Bank of Cavite, which is expected to close within the first half of 2012, and the earlier purchase of Rural Bank of Angeles in 2010.