The Lien Viet Post Bank (LPB) has undergone a major transformation in the past year, with the approval of shareholders to change its name to Loc Phat Vietnam Bank. This afternoon, the bank held its annual shareholder meeting in 2024 and discussed various topics, including the change of bank name.
According to the Board of Directors of LPB, the decision to change the bank’s name from Lien Viet Post Bank to Loc Phat Vietnam Bank was made with the approval of shareholders. The new name is consistent with LPB’s stock code and reflects its focus on sustainable development and bringing prosperity to the community.
The new chairman, Mr. Nguyen Duc Thuy, was elected at the end of April 2021 and has been actively involved in shaping the bank’s direction towards retail customers, especially in rural areas. He has also emphasized digitalization activities to increase non-credit income. At this year’s shareholders’ meeting, he shared his orientation while operational issues were answered by General Director Ho Nam Tien and Vice Chairman Bui Thai Ha.
The bank plans to improve risk management effectively and bring benefits to its shareholders by focusing on developing retail customers, especially in rural areas. It also aims to promote digitalization activities and increase non-credit income. However, due to economic difficulties and an unfavorable market, private placement for foreign partners was temporarily suspended in 2022. The bank will continue to seek reputable partners with financial potential.
Regarding cash dividends, LPB’s Board of Directors mentioned that they do not expect to pay cash dividends in the next three years as they work towards improving their financial capacity. In 2024, according to their plan submitted to shareholders, LPBank set a pre-tax profit target of 10,500 billion VND, an increase of nearly 50% compared to 2023. Additionally, they plan to offer up to 800 million additional shares to existing shareholders by increasing charter capital by 8 billion VND.
Overall, this transformation marks a significant turning point for LPBank as it continues its pursuit towards sustainable development and bringing prosperity not only for itself but also for its communities throughout Vietnam.
