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April 28, 2020 8:38 am  

NextGenesis Corporation (NXGEN), formerly AsiaTrust Development Bank, Inc. (ASIA), was incorporated on October 5, 1960 as a private development bank under the name of Quezon City Development Bank, through the support of the Development Bank of the Philippines by way of counterpart equity investments and loan rediscounting facilities.

On June 15, 2012, the banking assets and liabilities of ASIA were assumed by Asia United Bank, excluding the trust business. Since then, the Company exists as a non-bank shell company to liquidate the trust businesses under the supervision of Bangko Sentral ng Pilipinas, which liquidation was completed on May 14, 2014.

On December 29, 2015, the Securities and Exchange Commission approved the Company's change in corporate name to the present one as well as the change in primary purpose into an investment holding company.

As of December 31, 2018, the Company has no existing operation and is not ready to discuss new business that it wants to pursue.

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