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Tiu-led lender appoints new president Thursday, July 30, 2015

Published: Business World
By Imee Charlee C. Delavin
 
STERLING BANK of Asia (Sterling Bank) has announced changes to its top management, with the lender appointing a new president to lead its continued growth. In a statement yesterday, the thrift bank managed by the Tiu family said it appointed Cecilio Paul D. San Pedro as the new president and chief execu-tive officer of the bank. "Sterling Bank of Asia has appointed Cecilio Paul D. San Pedro, as president and chief executive officer (CEO)," the bank said. Mr. San Pedro joined Sterling Bank in 2011 and was the former treasurer of the bank prior to this appointment. 
 
As the bank's new president and CEO, Mr. San Pedro "aims to further strengthen the bank's operational efficiency, productivity, and back office performance to ensure profitability and satisfaction among its stakeholders, customers, and its employees," he was quoted as saying in the statement. Outgoing president and CEO Lamberto R. Villena "will continue to share his expertise with the bank as member of the board of directors and senior adviser to management," Sterling Bank said. "The Sterling Bank workforce is in high hopes with Paul's appointment...We are bullish on the prospects for the coming years as we continue to strengthen Sterling Bank of Asia and make it adaptable so we can respond quickly to opportunities that will come," Mr. Villena was quoted as saying in the same statement. Sterling Bank posted a net income of P110.413 million last year, up 66% from the P66.645 million it booked in 2013. Moving forward, the bank said its strategy and focus "will continue to be conservative and at the same time sensitive to changes in the external environment, while competing strongly in all the markets and segments it serves." — I.C.C. Delavin 



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