Lala Rimando

During the April 2021 virtual annual stockholders meeting of Ayala Corporation, outgoing CEO Jaime Augusto Zobel de Ayala pays tribute to a key non-family member who mentored him way back when he was still learning the ropes of the family conglomerate.

Before we adjourn, I just want to make a couple of last statements if everyone will allow me, I know it’s been a long morning.

And I’d like to take an opportunity to recognize someone quite special. Mr XAVIER P. LOINAZ, who stepped down from the Ayala board in December last year, for health reasons. And if everyone might allow me to just say a couple of words on his behalf.

He’s been a very important part of our history. Javier has been with the Ayala group, believe it or not, for 40 years, having led BPI as its CEO for 22 years, was also a member of Globe telecom boards for 13 years, and he was a member of Ayala Corp for 14 years.

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 thru both organic expansion and acquisitions. He not only built up BP as leadership in the corporate banking sector, but brought BPI into the consumer space with BPI family bank.

Under his leadership, BPI led the technology and operational transformation of the domestic banking industry. We’re absolute leaders at that time thanks to his leadership when he introduced ATMs in the country. He also pioneered the concept of domestic bankassurance by taking stakes in insurance brokerage, life, non-life insurance companies and even engineered the merger of the three leading reinsurance companies in the country.

As a member of Ayala’s board and chair of the audit committee just until last year, Xavier was a trusted advisor, and consistently demonstrated a high level of objectivity and independence in providing guidance and foresight to management. 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.

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, and I wanted to wish him a quick recovery from his illness and so very sorry that we have to drop out of the board without all of us having the chance to thank him properly. I used this occasion to do so. thank him for all his years of service and his personal friendship with all of us.

Watch and listen to Zobel de Ayala’s speech here: