The Sterling Bank of Asia (Sterling Bank) has forged ties with Mazda that eliminates the usual 10-to 20-percent downpayment to acquire a new automobile.
Instead the buyer simply needs to open the equivalent amount in a special account with Sterling Bank earning a minimum of six percent per annum. The buyer can also avail of a zero interest or low monthly amortization plan with Mazda.
The Mazda tie-up marks Sterling Bank’s entry into the auto financing business, aside from personal, salary, and housing loans. The bank likewise offers business and commercial loans, real estate development facility and CTS financing.
Sterling Bank started operations March this year. It is one of the top 10 highest capitalized thrift banks with P1-billion capitalization .
Sterling Bank president Lamberto R. Villena said that the additional capital infusion will fund the bank’s extensive expansion program.
“As Sterling Bank ventures on an extensive expansion program in Metro Manila and key provincial cities, we will also embark on developing innovative products that offer optimum yield and convenience for its customers,” Villena explained.
Sterling Bank will open 15 branches by March next year.
Sterling Bank is owned by JTKC Equities Inc., Star Equities and Surewell Equities Inc.