With the consent of shareholders, the bank, with Mr. Nguyen Duc Thuy as Chairman of the Board of Directors, changed its name to Loc Phat Bank Vietnam. This afternoon, Lien Viet Post Bank (LPBank, LPB) held its annual shareholder meeting in 2024. In addition to reports on business activities and capital increases, one topic that was discussed and voted on by shareholders was the change of the bank’s name.
The bank was approved to change its name from Lien Viet Post Bank to Loc Phat Vietnam Bank, with the abbreviation remaining as LPBank. The new name was chosen by the Board of Directors to align with the stock code LPB listed on the stock market. The board believes that changing the bank’s name signifies a new chapter focused on effective strategies, sustainable development, and prosperity for the community.
Last year, the bank rebranded from LienVietPostBank to LPBank after Vietnam Post Corporation (VNPost) decided to divest its capital. Changes in branding and leadership occurred when Mr. Nguyen Duc Thuy took on the role of Chairman of the Board of Directors.
At this year’s shareholders’ meeting, Chairman Mr. Thuy shared the bank’s future direction, while operational questions were addressed by General Director Ho Nam Tien and Vice Chairman Bui Thai Ha. The bank intends to focus on retail customer development, especially in rural areas, promote digitalization, increase non-credit income, enhance human resources, manage risks, and benefit shareholders.
Regarding partnerships with foreign investors, Vice Chairman Bui Thai Ha mentioned that while the plan was approved in 2022, it was temporarily suspended due to economic challenges. The bank will continue to seek reputable partners with financial stability. Cash dividends are not expected to be paid in the next three years to strengthen financial capacity.
This year, LPBank set a pre-tax profit target of 10,500 billion VND, an increase of nearly 50% from 2023. The bank plans to offer up to 800 million additional shares to existing shareholders to increase charter capital by 8,000 billion VND. They aim to raise the total charter capital to over 33,576 billion VND by the end of the year.