|
Sterling Bank of Asia, formerly Far East Savings
Bank, Inc., has acquired some of the branches of BPI Family Savings
Bank as it plans to increase its presence in the country.
Lamberto R. Villena, president,
said in a statement that Sterling Bank has applied with the
Securities Exchange Commission for an increase of its capital to P1
billion from P500 million to support is branch network expansion.
The minimum required capital is
P325 million.
Villena said the bank plans to
open 15 branches by the end of the year, 14 of which were purchased
from the BPI Family Savings Bank.
Sterling Bank’s main branch on
Ayala Avenue opened on March 30.
The bank has programmed itself to
attract professionals, entrepreneurs, overseas Filipinos and
corporate clients by offering integrated and innovative products at
best value.
Sterling Bank offers consumers
auto, personal, salary, and mortgage loans as well as business loans
for real-estate development and CTS financing, and commercial loans.
In December the Bangko Sentral ng
Pilipinas approved in December the purchase of Far East Savings
Bank, Inc. (FESBI) from Bank of the Philippine Islands by a group of
investors composed of JTKC Equities, Inc., Star Equities and
Surewell Equities, Inc. In February FESBI was renamed Sterling Bank
of Asia.
JTKC and Star Equities have
investments in various companies involved in a wide range of
industries from logistics to finance, real estate, manufacturing,
and hotel and resort properties. Among them are the Discovery Suites
in Ortigas Center, the Mansions Group of Service Apartments, Kent
Vinyl Tiles, and iRemit Global Remittance. Surewell Equities, also
an investor in iRemit, is actively engaged in the development of low
to medium cost housing in the Calabarzon and Bulacan areas.
 --Maricel
E. Burgonio
|
