In 2024, Lien Viet Post Bank (LPBank) underwent a significant change in its name from Lien Viet Post Bank to Loc Phat Vietnam Bank. This decision was made with the approval of shareholders at the bank’s annual meeting. The new name is aligned with the bank’s stock code, LPB, which is listed on the stock market.
The Board of Directors of LPBank highlighted that this strategic shift signifies the bank’s commitment to sustainability and community prosperity. Last year, the bank underwent a rebranding from LienVietPostBank to LPBank, coinciding with changes in leadership after Mr. Nguyen Duc Thuy became Chairman of the Board of Directors. At the 2024 annual meeting, Mr. Thuy outlined the bank’s strategic focus on developing retail customers, digitalization, and increasing non-credit income.
Regarding private placement for foreign partners, LPBank mentioned that the plan was approved in 2022 but temporarily suspended due to market conditions. However, cash dividends are not expected to be paid in the next three years to enhance financial capacity. LPBank aims to achieve a pre-tax profit target of 10,500 billion VND in 2024 and increase total assets to over 420,000 billion VND by year-end.
In addition to operational updates and financial targets, LPBank plans to offer additional shares to existing shareholders to increase charter capital. The leadership of LPBank emphasized the importance of innovation, risk management, and creating value for shareholders in the evolving banking landscape.
Overall, Loc Phat Vietnam Bank is set to continue its strategic focus on retail customers and digitalization while also emphasizing sustainability and community prosperity in its operations.
