ABS-CBN
Banking industry pioneer Xavier Loinaz passes away
Xavier "XP" Loinaz, former president and chief executive officer (CEO) of Bank of the Philippine Islands (BPI), passed away on Saturday, October 4, at the age of 81, days before his October 12 birthday.
Loinaz led BPI for 22 years from 1982 to 2004, guiding the bank through significant political and economic challenges including the debt crisis and the Asian financial crisis.
He was recognized for steering BPI through turmoil with responsible and innovative banking practices, driving technological and operational transformation within the Philippine banking industry.
Under his leadership, BPI became the first Philippine bank to introduce automated teller machines (ATMs) and launched internet banking in 1999.
He also presided over key acquisitions such as Family Bank in the mid-1980s, Citytrust in the mid-1990s, and Far East Bank (also referred to as Face East Bank in the new article).
After stepping down as CEO, Loinaz continued to serve on BPI's Board of Directors until 2020 and also held board positions in other Ayala Group companies like Ayala Corp. and Globe Telecom Inc.
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