Lien Viet Post Office changed its name to Loc Phat Bank

With the consensus of shareholders, the bank with Mr. Nguyen Duc Thuy as Chairman of the Board of Directors changed its name to Loc Phat Vietnam Bank.

This afternoon, Lien Viet Post Bank ( LPBank , LPB) held its 2024 annual shareholders' meeting. In addition to reports on business operations and capital increase, one content that asked for shareholders' opinions was the bank's name change.

Accordingly, this bank has been approved to change its name from Lien Viet Post Bank to Loc Phat Vietnam Bank. The abbreviated name remains LPBank. The new name, according to LPBank's Board of Directors, is also consistent with the LPB stock code currently listed and traded on the stock market.

"The bank's name change marks a turning point in the current period to realize the strategy of change, efficiency, towards the goal of sustainable development and bringing prosperity to the community," said a representative of LPBank's board of directors, adding that, in the concept of East Asians, the two words "luck, prosperity" symbolize development, fortune and luck.

Last year, the bank rebranded from LienVietPostBank to LPBank, following Vietnam Post Corporation's divestment plans. These brand and personnel changes also occurred after Mr. Nguyen Duc Thuy took over as Chairman of the Board of Directors.

Mr. Thuy was elected to the LPBank Board of Directors in late April 2021 and became Vice Chairman of the bank about a week later. At the end of 2022, Mr. Thuy was elected 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 — 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 about the 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.

In response to questions about private issuance to foreign partners, Vice Chairman Bui Thai Ha said the plan was approved in 2022, but due to the difficult economic situation and unfavorable market, the Board of Directors proposed to temporarily suspend this plan. "We will continue to look for partners with prestige and financial potential," said Mr. Ha.

Regarding the issue of cash dividends, LPBank's Board of Directors said it plans not 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 presented to shareholders, LPBank aims for a pre-tax profit of VND 10,500 billion, an increase of nearly 50% compared to 2023. The bank's total assets are expected to reach over VND 420,000 billion by the end of the year.

The bank also plans to offer up to 800 million additional shares to existing shareholders to increase its charter capital by another VND8,000 billion, bringing its charter capital to more than VND33,576 billion.

Minh Son

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