Bangko Sentral gives Asia United acquisition of Asiatrust the green light

The Bangko Sentral ng Pilipinas on Thursday gave Asia United Bank the green light to buy Asiatrust Development Bank Inc., AUB said in a statement Friday.   The policy-setting Monetary Board approved the transaction on May 10, covering the acquisition of Asiatrust assets and the assumption of its liabilities by Asia United.   The transaction would expand Asia United’s branch network to 102 nationwide, including the 28 branches of Asiatrust.    AUB president Abraham Co said Asiatrust transaction brought to three the major acquisitions of Asia United in three years. “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.”   Asia United bought the Rural Bank of Angeles, including its four branches and two satellite offices in Pampanga, in 2010.   It bought the Cooperative Bank of Cavite last year and is now waiting for the Monetary Board approval, said AUB.   As of end-2011, Asia United posted P50 billion in assets and P9 billion in capital. Its return-on-equity ratio is at 12 percent, making it one of the most profitable commercial banks in the country.   Owned by Filipino, Taiwanese and Singaporean investors, Asia United also engages in property development, manufacturing, and other equity ventures.   Leading food manufacturer, distributor and exporter Republic Biscuit Corp. or Rebisco is AUB’s biggest shareholder.   Asiatrust hired Dutch-owned ING Bank NV as financial adviser on the deal with Asia United. —VS, GMA News