After the divestment of VNPost, LienVietPostBank wants to change its name

According to the documents of the 2023 Annual General Meeting of Shareholders just announced by LienVietPostBank, the bank will submit to shareholders for approval a plan to change the abbreviated name and English abbreviated name.

According to the Board of Directors of LienVietPostBank, from 2011 to present, Lien Viet Post Joint Stock Commercial Bank has used an abbreviated name. The official English abbreviated name is “LienVietPostBank” which is used in all legal documents and communication channels.

The disadvantage of this name is that it has too many characters, is difficult to pronounce, difficult to remember, leading to difficulty in recognition, and low communication effect. Moreover, the general trend of banks today is to use the most shortened name possible, easy to read, easy to remember.

Therefore, the Board of Directors of LienVietPostBank submits to shareholders for consideration and approval the change of the abbreviated name. Specifically, the English name of the bank will be changed to “ LPBank ”. After the General Meeting approves, the Board of Directors of the bank will decide the official time to implement the name change.

Notably, the proposed bank renaming comes as Vietnam Post Corporation (VNPost) plans to divest from LienVietPostBank.

The auction of 140.5 million LPB shares owned by Vietnam Post will take place on April 21. The starting price is VND22,908/share.

Finance - Banking - After the divestment of VNPost, LienVietPostBank wants to change its name — LPB stock price movement (Source: TradingView).

Then on (April 23), LienVietPostBank will hold a General Meeting of Shareholders in Ninh Binh .

LienVietPostBank has had many changes in senior leadership since the end of 2022. Accordingly, Mr. Nguyen Duc Thuy was elected as Chairman of the Board of Directors of the bank since December 9, replacing Mr. Huynh Ngoc Huy who resigned according to his personal wishes.

Most recently, LienVietPostBank announced information about signing a labor contract with Mr. Doan Nguyen Ngoc (brother-in-law of LPB Chairman Nguyen Duc Thuy).

Mr. Ngoc (born in 1975) has been Vice Chairman of the Board of Directors of Xuan Thanh Insurance (XTI) since 2012, then General Director of XTI from 2018 to 2019.

Previously, the bank also signed a labor contract with Mr. Nguyen Van Thuy (Mr. Nguyen Duc Thuy's younger brother). Mr. Thuy (born in 1981) has been Chairman of the Board of Directors of XTI since the end of 2015. In 2021, he was appointed General Director and legal representative of XTI.

Regarding the relationship between LienVietPostBank and XTI Insurance, the two sides signed a comprehensive cooperation agreement in August 2020. According to the content of the cooperation agreement, the two sides will implement comprehensive cooperation, prioritize the use of services, introduce, promote and advertise products to each other's customers .

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