Cebuana Lhuillier Bank has once again been honored for its unwavering dedication to serving unbanked and underbanked Filipinos. The bank received the prestigious Rural/Cooperative Bank of the Year – Philippines award at the Asian Banking and Finance Awards 2024, held at the Marina Bay Sands, Singapore. This marks the fourth time Cebuana Lhuillier Bank has been recognized at this esteemed event.
The Asian Banking and Finance Awards is renowned for being the premier gathering of senior banking executives across Asia, celebrating exceptional dedication and success within the industry. This year’s ceremony saw a record
attendance of 400 guests, who witnessed Cebuana Lhuillier Bank’s achievement firsthand. The rigorous selection process, overseen by an esteemed panel including Liew Nam Soon (EY ASEAN), Alessandro Magarini Montenero (Bain & Co.), Ho Kok Yong (Deloitte Singapore), and Mansi Singh (PwC Southeast Asia Consulting), ensures that only the most outstanding banks are honored.
Receiving the award on behalf of Cebuana Lhuillier Bank was its President, Dennis O. Valdes. In his acceptance speech, Valdes emphasized the bank’s mission to develop services and products that genuinely serve the Filipino people. “This award further motivates us to create more services and products that will truly serve the Filipinos,” he stated, highlighting the bank’s commitment to the C and D market segments, who now have access to savings accounts thanks to Cebuana Lhuillier Bank.
Jean Henri Lhuillier, Vice Chairman of Cebuana Lhuillier Bank and President and CEO of its parent company, Cebuana Lhuillier, echoed Valdes’ sentiments, “It is our vision to help Filipinos break free from the cycle of living paycheck to paycheck and become more educated about savings, preparing them not just for their dreams but also for unexpected challenges,” Lhuillier remarked.
Cebuana Lhuillier Bank has taken significant steps to help more people access financial services. Growing their Micro Savings Account to 8 million clients, one of the highest in the Philippines, played a crucial role in winning the Asian Banking and Finance Award. However, the bank has done more than just grow its deposit clientele. Building on its longstanding commitment, Cebuana Lhuillier Bank reached new heights in 2023, further solidifying its reputation as a leader in financial empowerment across the Philippines. With a continuous presence in over 3,200 Cebuana Lhuillier branches nationwide and strategic placement of Cebuana Lhuillier Bank branches in key locations throughout the country, the bank made it easy for people to access their services. The bank’s goal is to ensure every Filipino, no matter where they live, can benefit from their offerings.
The bank’s accomplishments in 2023 show its steady dedication to encouraging economic growth and inclusion. This progress is evident in the substantial growth
across its loan portfolios, with a significant increase in booked loans for housing, salary, and other financial needs. These achievements highlight Cebuana Lhuillier Bank’s pivotal role in supporting the diverse financial requirements of Filipino workers and communities. Furthermore, the bank’s strong presence in the basic deposit account sector, holding 35% of all accounts in the Philippines as reported by the Bangko Sentral ng Pilipinas, underscores the trust and confidence that Filipinos place in the bank.
The bank’s rapid growth in electronic fund transfers is a testament to its successful integration of new technologies. Collectively, these platforms—including Instapay, Domestic Remittance, EFT, and PesoNet—saw transactions totaling₱28.1 billion. This significant figure underscores the bank’s commitment to providing fast, safe, and convenient financial services to its customers.
The bank’s 2023 success highlights its tireless efforts to drive economic development and its unique pathway of rapid growth. Over the past five years, the bank’s loan portfolio surged by 1,180%, underscoring the bank’s crucial role in promoting financial inclusion across the Philippines. A key contributor to this success is the bank’s diverse loan offerings, including the fast-growing Teachers’ Loan segment, which has quickly become one of the bank’s most successful programs. These accomplishments demonstrate the bank’s commitment to addressing the unique needs of its clients while remaining agile in response to market demands.
Cebuana Lhuillier Bank’s journey from a microfinance institution to a leading banking power is a testament to its steadfastness in the financial sector. The bank remains committed to the well-being of every Filipino by continuously growing and innovating with inclusive financial products accessible to all. Financial inclusion is one of its main missions, striving to ensure that a greater population has access to financial services, no matter where they are. By extending its services to Cebuana Lhuillier branches, the bank ensures that financial services are within every Filipino’s reach.
