In 2024, Lien Viet Post Bank (LPBank) underwent a significant change in its name to Loc Phat Vietnam Bank with the approval of shareholders. The bank’s abbreviation remained as LPBank, and the new name aligned with its stock code LPB on the stock market. This move was a strategic decision towards sustainable development and prosperity for the community, as outlined by the Board of Directors.
The decision to change the name followed previous branding adjustments from LienVietPostBank to LPBank after Vietnam Post Corporation (VNPost) divested capital. Changes in brand identity and personnel occurred when Mr. Nguyen Duc Thuy took on the role of Chairman of the Board of Directors in April 2021 and assumed the position at the end of 2022.
During this year’s shareholder meeting, Mr. Thuy outlined the bank’s focus on developing retail customers, digitalization, non-credit income, human resource improvement, risk management, and shareholder benefits. The bank aims to increase pre-tax profit by nearly 50% compared to 2023 and raise charter capital by offering additional shares to existing shareholders.
In response to a query about private placement for foreign partners, Vice Chairman Bui Thai Ha explained that the plan was temporarily suspended due to economic challenges. The bank aims to collaborate with reputable partners with financial capabilities in the future. Furthermore, cash dividends are not expected to be paid in the next three years to enhance financial capacity.
LPBank’s leadership is committed to achieving its financial targets, improving operations, and increasing shareholder value. The bank’s strategic direction focuses on growth, sustainability, and profitability, with a customer-centric approach at its core.
