The bank with Mr. Nguyen Duc Thuy as Chairman of the Board of Directors changed its name to Loc Phat Bank Vietnam with the consent of shareholders. This afternoon, Lien Viet Post Bank (LPBank, LPB) held its annual shareholder meeting in 2024. In addition to reports on business activities and capital increase, one content that was asked for shareholders’ opinions was the change of bank name.
Accordingly, the bank was approved to change its name from Lien Viet Post Bank to Loc Phat Vietnam Bank with the abbreviation remaining the same as LPBank. The new name, according to the Board of Directors of LPBank, is also consistent with the stock code LPB under which it is listed and trading on the stock market. “Changing the bank’s name marks a turning point in the current period to realize an effective change strategy, aiming for sustainable development and bringing prosperity to the community,” said a representative of the board of directors.
Last year, this bank changed its brand identity from LienVietPostBank to LPBank after Vietnam Post Corporation (VNPost) planned to divest capital. Changes in brand and personnel also took place after Mr. Nguyen Duc Thuy became Chairman of the Board of Directors. Mr. Thuy was elected to the Board of Directors of LPBank at the end of April 2021 and became Vice Chairman of the bank about a week later, eventually being elected as Chairman of the Board of Directors by the end of 2022.
At this year’s shareholders’ meeting, the Chairman of the Board of Directors of LPBank only shared orientation, while operational issues were answered by General Director Ho Nam Tien and Vice Chairman Bui Thai Ha. LPBank plans to focus on developing retail customers, especially in rural areas, and promote digitalization activities to increase non-credit income. The bank also plans to improve the quality of human resources, manage risks effectively, and bring benefits to shareholders.
Responding to questions about private placement for foreign partners, Vice Chairman Bui Thai Ha mentioned that the plan was approved in 2022, but due to economic difficulties and an unfavorable market, the plan was temporarily suspended. The bank will continue to seek reputable partners with financial potential. Regarding cash dividends, LPBank’s Board of Directors mentioned that they do not expect to pay cash dividends in the next three years to improve financial capacity.
This year, according to the plan submitted to shareholders, LPBank set a pre-tax profit target of 10,500 billion VND, an increase of nearly 50% compared to 2023. The bank also plans to offer up to 800 million additional shares to existing shareholders to increase charter capital by 8,000 billion VND, raising it to more than 33,576 billion VND.