Veteran banker Xavier “XP” Loinaz passes away

Former Bank of the Philippine Islands (BPI) president and chief executive officer (CEO) Xavier “XP” Loinaz, who took charge of the country’s oldest bank from 1982 to 2004, passed away over the weekend at the age of 81.

Loinaz, described as a visionary leader, passed away on Saturday, October 4, days ahead of his birthday on October 12.

He guided the bank through the debt crisis of the early 1980s to the Asian Financial Crisis. He also led the bank in being the first Philippine bank to introduce automated teller machines (ATMs), and launched internet banking in 1999.

During his tenure, Loinaz presided over acquisitions such as Family Bank in the mid-1980s, Citytrust in the mid-1990s, and Far East Bank.

“To us at BPI, Xavier Loinaz was not only a visionary leader but also a mentor and an inspiration. He taught us discipline, integrity, and the importance of serving with purpose. The innovations he introduced, and the people he guided, continue to carry his legacy forward,” BPI president and CEO Jose Teodoro “TG” Limcaoco said in a statement.

“We will always be grateful for his steady hand and his belief in the Filipino spirit. He leaves behind an institution made stronger by his leadership—and a family of bankers who will forever remember him with respect and gratitude,” he added.

After stepping down as CEO, Loinaz continued to serve as a member of BPI’s Board of Directors until 2020. He also served in the board of several companies under the Ayala Group, including the holding firm Ayala Corp., and Globe Telecom Inc.

“‘XP’ was a captain of industry who steered BPI through a local political turmoil and global crises. His 22-year presidency set benchmarks in responsible and innovative banking, and led the technology and operational transformation of the Philippine banking industry,” the bank said through internal communications.

“His legacy endures through the leaders he nurtured with intellectual rigor, responsibility, and discipline, and in his pioneering spirit that lives on in BPI,” it added.

Loinaz stepped down from the Ayala Corp. board of directors in December 2020.

During the annual stockholders meeting of Ayala Corp. in 2021, then-outgoing chief executive officer (CEO) Jaime Augusto Zobel de Ayala paid a tribute to Loinaz who he described as a “trusted advisor” and an “extraordinary influence.”

“Under his leadership, BPI cultivated the strong credit culture that the bank is known for today and built its reputation as a safe haven during times of crisis. He steered BPI to become one of the largest banks in the country through both organic expansion and acquisitions,” Zobel de Ayala said.

He noted Loinaz’s leadership in the technology and operational transformation of the domestic banking industry, introducing automated teller machines (ATMs) into the Philippines and pioneering domestic bancassurance.

“Ayala, BPI, and Globe will always be grateful for Xavier’s leadership, and of course, mentorship. And many of us, myself included, at the Ayala, BPI, and Globe have worked with him, for him, and in so doing, have learned much, including the value of one’s principles, character, and word of honor,” Zobel de Ayala said.

“Xavier has been an extraordinary influence across the Ayala group and has been of great personal help to me during my stint as CEO. I’m deeply grateful to him,” he added.—Jon Viktor Cabuenas/RF, GMA