The 76-year old has cited “health reasons” for his decision to tender his resignation as lead independent director of BPI and Ayala Corp. on October 19. He has been a director since 2009.
BPI will act on his resignation in its next board meeting on October 21 while Ayala Corp. will take it up on December 3 this year.
Loinaz was head of BPI through five presidents from 1982 to 2004. He was also the President of Bankers Association of the Philippines from 1989 to 1991.
He graduated with an AB Economics degree at Ateneo de Manila University in 1963 and took his MBA-Finance at Wharton School, University of Pennsylvania in 1965.