The Bank of the Philippine Islands (BPI) announced the passing of its former president and chief executive officer, Xavier P. Loinaz, a figure who steered the institution through two decades of major economic turbulence and technological change. He was 81.

Known as XP within the bank, Loinaz held one of the longest tenures in Philippine banking, serving as President and CEO from 1982 to 2004. His leadership spanned critical periods, including the debt crisis of the early 1980s and the Asian Financial Crisis of the late 1990s.

BPI stated that his steady and disciplined hand brought innovation, resilience, and growth to the bank despite these external challenges.

Loinaz is credited with introducing innovations to the Philippine financial landscape. Under his guidance, BPI became the first Philippine bank to introduce ATMs in the early 1980s, fundamentally changing how Filipinos accessed financial services. The bank later launched internet banking in 1999, keeping pace with global digital shifts.

His tenure was also marked by an aggressive strategy of major acquisitions that solidified BPI’s market position, including the takeover of Family Bank in the mid-1980s, Citytrust in the mid-1990s, and Far East Bank at the turn of the century.

Loinaz also pioneered bancassurance in the Philippines by acquiring life and property and casualty insurance companies, integrating banking and insurance services for the first time in the country. After stepping down as CEO, he continued to serve the 174-year-old bank as a member of its Board of Directors until 2020.

BPI President and CEO TG Limcaoco lauded Loinaz’s contribution, stating his leadership “defined an era of resilience and innovation for BPI.”

“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,” Limcaoco said in a statement.

He added that Loinaz’s wisdom and vision extended “far beyond the walls of BPI” and touched the broader business community, leaving behind an institution made stronger by his guidance and a family of bankers who will forever remember him.