Sterling Bank to open 4 new branches

Sterling Bank of Asia, a member of the Tiu Group of Companies, plans to open at least four new banks this year as part of its ongoing expansion program.

Adolfo Suzara, Sterling Bank director, said the branch expansion is aimed at increasing the bank’s presence across the country, and its customer base. 

Suzara said the bank currently has 18 branches in and outside Metro Manila with its main branch located in Makati City. 

The first new bank planned for the year is expected to open in March, Suzara said.

Last year, Sterling Bank acquired 14 branches of BPI Family Savings Bank. 

Sterling Bank president and chief executive officer Lamberto Villena earlier said the bank was eyeing a 30 percent growth in its loan portfolio this year from the current P5 billion.

Aside from deposit products, the bank also provides consumer lending such as auto, personal, salary and mortgage loans.

The Tiu Group has investments in various firms involved in a range of industries from logistics to finance, real estate, manufacturing and hotel and resort properties.

Among them are Discovery Suites in Ortigas Center, Discovery Shores in Boracay, the Mansions Group of serviced apartments, Kent Vinyl Tiles and non-bank remittance firm iRemit Inc.         — Zinnia dela Peña