Cebuana Lhuillier Bank has once again solidified its reputation as a leader in financial inclusion, clinching the prestigious Rural/Cooperative Bank of the Year — Philippines award at the Asian Banking and Finance Awards 2024. The ceremony, held at the Marina Bay Sands in Singapore, marked the bank’s fourth consecutive win at this esteemed event, underscoring its commitment to serving the unbanked and underbanked populations in the Philippines.
The Asian Banking and Finance Awards is a highly regarded event that gathers senior banking executives from across Asia to celebrate exceptional achievements within the industry. This year’s ceremony attracted a record attendance of 400 guests, all of whom witnessed Cebuana Lhuillier Bank’s continued success. The bank was selected for this honor through a rigorous process overseen by an esteemed panel of judges, including prominent figures from major consulting firms such as EY ASEAN, Bain & Co., Deloitte Singapore, and PwC Southeast Asia Consulting.
Dennis O. Valdes, President of Cebuana Lhuillier Bank, accepted the award on behalf of the organization. In his acceptance speech, Valdes emphasized the bank’s ongoing mission to create services and products tailored to the needs of the Filipino people. He highlighted the bank’s focus on the C and D market segments, particularly its efforts to provide access to savings accounts for these underserved populations.
“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,” according to Jean Henri Lhuillier, Vice Chairman of Cebuana Lhuillier Bank and President and CEO of its parent company, Cebuana Lhuillier. He echoed Valdes’ commitment to financial inclusion. Lhuillier expressed the bank’s vision to help Filipinos break free from living paycheck to paycheck by promoting financial literacy and encouraging savings. This vision is reflected in the bank’s significant growth, particularly in its Micro Savings Account, which has expanded to serve 8 million clients, making it one of the largest in the Philippines.
The bank’s achievements in 2023 have further solidified its position as a leader in financial empowerment across the country. With a widespread presence in over 3,200 Cebuana Lhuillier branches nationwide, along with strategically placed bank branches in key locations, Cebuana Lhuillier Bank has made financial services accessible to Filipinos, regardless of their location.
Cebuana Lhuillier Bank’s efforts to promote economic growth and inclusion are evident in the substantial expansion of its loan portfolios. The bank has seen significant increases in booked loans for housing, salary, and other financial needs, highlighting its pivotal role in supporting the diverse financial requirements of Filipino workers and communities. In addition, 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, demonstrates the trust and confidence that Filipinos have in the bank.
The bank’s rapid growth in electronic fund transfers is another testament to its successful integration of new technologies. In 2023, transactions across its platforms — including Instapay, Domestic Remittance, EFT, and PesoNet — totaled PHP28.1 billion, underscoring the bank’s commitment to providing fast, safe, and convenient financial services to its customers.
Cebuana Lhuillier Bank’s journey from a microfinance institution to a leading banking power is a testament to its unwavering dedication to the financial well-being of every Filipino. The bank remains steadfast in its mission to promote financial inclusion by continuously growing and innovating with inclusive financial products accessible to all. Through its extensive network of branches, Cebuana Lhuillier Bank ensures that financial services are within reach for all Filipinos, no matter where they are.