In the special stockholders' meeting held in April 25, 2012, the shareholders of Asiatrust Development Bank, Inc. ("Asiatrust") approved and ratified the agreement between Asiatrust and Asia United Bank Corporation ("AUB"). As previously announced last February 15, Asiatrust and AUB entered into an agreement for AUB to acquire the banking assets and assume the banking liabilities of Asiatrust. The transaction excludes the trust business of Asiatrust.
Following Asiatrust shareholders' approval, Asiatrust will work closely with AUB to obtain final regulatory approvals in order to complete the transaction. 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.
"The approval by Asiatrust shareholders of the agreement with AUB puts us 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," Asiatrust Vice Chairman Roland M. Garcia said.
"AUB is a strong bank that has always emphasized customer service, even as it has accelerated its expansion in the past few years. We are confident that AUB will be able to match the high quality of service we have delivered to our customers," Asiatrust President and CEO Dionisio C. Ong added.
In the same special stockholders' meeting, the shareholders of Asiatrust also approved the change in corporate name from "Asiatrust Development Bank" to "NextGenesis Holdings Corporation". The primary and secondary purposes of the corporation were also approved to be amended from a bank to a holding company, while the banking and trust-related provisions in the by-laws were approved to be deleted. The amendments to the Articles of Incorporation and By-Laws are proposed to be effective upon completion of the transaction with AUB.
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