Sterling Bank of Asia maintained its No. 6 ranking in total assets among all thrift banks in the Philippines in the 2nd quarter of 2013.
Top 6 Savings Bank by Total Assets as of March 2013
1. BPI Family Savings Bank
2. PSBank or Philippine Savings Bank
3. RCBC Savings Bank
4. Planters Development Bank
5. Philippine Business Bank
6. Sterling Bank of Asia
From a stagnant savings bank named Far East Bank Savings in the early 2000s, it shot up later to the Top 6 after being acquired in 2007 by corporations co-owned by the family of Rain or Shine Player Chris Tiu, and after being renamed Sterling Bank of Asia.
Sterling Bank is headed by Chris Tiu’s uncle Ruben Tiu, who is chairman of the board. Chris Tiu can get endorsements on his own, as he’s a popular basketball player and TV host, so it’s not just family connections that led to his being the main celebrity endorser of Sterling Bank.
Sterling Bank of Asia arose from the acquisition of Far East Savings Bank, the thrift bank subsidiary of Far East Bank, which was acquired by BPI in 2000. Far East Savings Bank was established in January 1998.
JTKC Equities Inc., Star Equities Inc. and Surewell Equities Inc. completed the acquisition of Far East Savings in December 2006 and the change of name to Sterling Bank of Asia (A Savings Bank) in February 2007. Sterling Bank started operating as a thrift bank in March 2007.
In June 2010, it completed its acquisition of Centennial Savings Bank from the Armed Forces and Police Savings and Loan Association Inc. (AFPSLAI) and the Armed Forces and Police Mutual Benefit Association Inc. (AFPMBAI).
DEPOSIT ACCOUNTS offered by STERLING BANK:
Solo Peso Savings Account
Maintaining Balance Requirement: 5,000 pesos
Neo Savings Account for Kids 17 and Younger
Maintaining Balance Requirement: None
Initial deposit: Start with any amount
Bayani OFW Savings Account
Initial Deposit: Not Required
Maintaining Balance Requirement: None, as long as there’s at least one remittance every 12 months
Solo US Dollar Savings Account
Maintaining Balance Requirement: US$200
Solo Yuan Savings Account
Maintaining Balance Requirement: 2,500 yuan
Duo Checking Account
Maintaining Balance Requirement:
5,000 pesos for individuals
15,000 pesos for companies
Time Deposit Accounts
Deposit amount starts at 1,000 pesos or at US$1,000
Sterling Bank’s atm cards are linked to VISA
Customer Hotline: 721-6000
Email for customer concerns and inquiries:
customer.service@sterlingbankasia.com