Lien Viet Post Bank (LPBank) held its annual shareholder meeting in 2024, where the change of the bank’s name was a topic that was discussed and voted on by shareholders. 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 rebranding occurred when Mr. Nguyen Duc Thuy took on the role of Chairman of the Board of Directors after changes in leadership and branding occurred last year following Vietnam Post Corporation’s decision to divest its capital. In addition, LPBank’s focus has shifted towards retail customer development, especially in rural areas, promoting digitalization, increasing non-credit income, enhancing human resources management, managing risks and benefiting shareholders.
Chairman Mr. Thuy shared future direction at this year’s meeting while operational questions were addressed by General Director Ho Nam Tien and Vice Chairman Bui Thai Ha. The bank plans to seek reputable partners with financial stability for partnerships with foreign investors, while cash dividends are not expected to be paid in the next three years in order 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 also plans to offer up to 800 million additional shares to existing shareholders in order to increase charter capital by 8,000 billion VND and reach a total charter capital of over 33,576 billion VND by the end of the year.
