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 increase, one content that was asked for shareholders’ opinions was the change Bank name.
Accordingly, this bank was approved to change its name from Lien Viet Post Bank to Loc Phat Vietnam Bank. The abbreviation remains the same as LPBank. The new name, according to the Board of Directors of LPBank, is also consistent with the stock code LPB 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. LPBank said and added that, in Asian beliefs, the words “loc and phat” symbolize development, fortune and luck.
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. At the end of 2022, Mr. Thuy was elected to the position of Chairman of the Board of Directors.
Mr. Nguyen Duc Thuy, Chairman of the Board of Directors of LPBank at the 2024 annual meeting. Photo: LPBank
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.
According to Mr. Thuy, in the coming time, LPBank will continue to focus on developing retail customers, especially in rural areas. At the same time, the bank will promote digitalization activities, increase the proportion of non-credit income, improve the quality of human resources, manage risks and bring benefits to shareholders.
Responding to the question about the issue of private placement for foreign partners, Vice Chairman Bui Thai Ha said that the plan was approved from 2022 but due to the difficult economic situation and unfavorable market, the Council Management proposed to temporarily suspend this plan. “We will continue to look for partners with reputation and financial potential,” Mr. Ha said.
Regarding cash dividends, LPBank’s Board of Directors said it is not expected to pay cash dividends in the next three years to improve financial capacity. After that, depending on the actual situation, the bank’s leadership will present it to shareholders.
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. Total bank assets by the end of the year reached more than 420,000 billion VND.
The bank also plans to implement a plan to offer up to 800 million additional shares to existing shareholders to increase charter capital by 8,000 billion VND, raising charter capital to more than 33,576 billion VND.