MANILA, Philippines - Sterling Bank of Asia has received approval from regulators to merge with the former Centennial Savings Bank.
The Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) also recognized that the surviving entity would be Sterling Bank, which will assume all of the activities, assets, liabilities, rights and obligations of Centennial Savings Bank.
All its depositors will be issued new passbooks, checkbooks, ShopNPay Debit Cards and time deposit certificates. The merger will increase Sterling Bank’s branch network to 28.