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NEXGENESIS CORPORATION (Formerly Asiatrust Development Bank, Inc.) was incorporated on 05 October 1960 as a private development bank under the name of Quezon City Development Bank through the support of DBP by way of counterpart equity investments and loan rediscounting facilities.  The Bank changed its name to ASIATRUST BANK in 1982.  It became a public listed company and concluded its Initial Public Offering (IPO) in 1996.  The bank was listed on the Philippine Stock Exchange (PSE: “ASIA”) on 08 October 1996. 

On February 15, 2012, the Bank announced, together with Asia United Bank Corporation that they have entered into an agreement for AUB to acquire all the banking assets and assume the banking liabilities of Asiatrust. The transaction excludes the trust business of Asiatrust. The agreement follows the approval by both banks’ Boards of Directors of the terms of the transaction and the Bank’s shareholders’ and regulatory approvals. The transaction was completed last June 17, 2012 The 28 branches of Asiatrust, most of which are in Metro Manila, became AUB branches upon completion of the transaction.

Subsequent to the implementation of the ASPA, the Bank has surrendered its banking and trust licenses to the BSP upon implementation of the ASPA.  The Bank will be allowed to exist as a non-bank shell company to manage and liquidate the trust business in accordance to a time-bound exit strategy.   The Bank will also be allowed to amend its Articles of Incorporation to reflect the change to a non-bank entity, and change its name to reflect that it is no longer engaged in banking and is simply liquidating its trust business. The surrender of the trust license to the BSP is still subject to Monetary Board approval.  The amendment of its Articles of Incorporation and change of corporate name have been approved and ratified by the Bank’s shareholders in its Special Stockholders’ Meeting held last April 25, 2012.

The BSP in its letter dated September 07, 2015 informed the Company that the Monetary Board in its Resolution No. 1376 dated August 27, 2015 noted the consignation of the cash and non-cash trust assets surrendered and deposited with the Office of the Clerk of Court and Branch 83 of the Regional Trial Court, as approved under Court Order date May 14, 2014 with Certificate of Finality date July 07, 2014 as part of the liquidation of the remaining trust assets and the amendments of the Company’s Articles of Incorporation and By-Laws on the change in purpose to that of  non-bank entity and change in corporate name to reflect that it is no longer engaged in banking and trust business.  In the same letter, the Monetary Board also approved the surrender of the trust license/authority of Asiatrust Bank to the BSP pursuant to Section X429 of the MORB and ordered the release of the government securities deposited with the BSP for the faithful performance of trust and other fiduciary business. 

The amendment of the Artciles of Incorporation and By-Laws for the change in corporate name to NextGenesis Croporation and business purpose to that of a non-bank entity was apporved by the BSP on August 27, 2015 and the SEC on December 29, 2015.