BRANCH BANKING | Staff Reporter, Philippines

Sterling Bank raises funds for expansion

Improved investor confidence leads to Sterling Bank of Asia raising US$11.5 million from the sale of Tier 2 notes.

The Philippine savings bank said the funds will support its expansion plans and to boost its lending business. Bank President Lamberto Villena noted strong loan demand from businesses and consumers.

Philippine banks expect a rise in consumption among Filipino households and more investments by enterprises because of the economy’s generally favorable outlook. The appetite for consumer loans is being boosted by remittances from Filipinos working overseas. Remittances are projected to hit US$20.1 billion this year, up 5% from 2011.

Economists expect the economy to grow faster this year than last year’s 3.9%. The economy, however, grew 6.4% in the first quarter on higher government spending, beating most expectations.

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