Lienvietpostbank has been approved to change its name.

The State Bank of Vietnam has just issued a decision allowing Lienvietpostbank to change its English abbreviation to " LPBank ".

LPBank stated that in the near future, the bank will continue to implement a comprehensive overhaul of its logo and brand identity to standardize its services.

The switch to the new abbreviation is considered to be in line with the general trend among banks, which is to use the shortest possible abbreviations.

Chairman of the Board of Directors of LienVietPostBank, Nguyen Duc Thuy. (Photo: N. Tuan)

Previously, the 2023 Annual General Meeting approved the change to a new abbreviated name. The reason given was that the name "LienVietPostBank" had too many characters, was difficult to pronounce and remember, leading to poor recognition and low media impact.

At the end of the first quarter of 2023, LPBank's capital mobilization reached VND 272,500 billion, and outstanding loans totaled VND 242,100 billion. Pre-tax profit was VND 1,566 billion.

In 2022, LienVietPostBank achieved a net profit of VND 4,510 billion. The profit after deducting funds available for dividend distribution was VND 3,393 billion.

The General Meeting approved the profit distribution plan for 2022 with a dividend rate of 19%. The profit used for dividend distribution is VND 3,285 billion.

The Post Office will divest its stake in LienVietPostBank to below 5% . From the date the Vietnam Post Corporation divests its stake to below 5% of the charter capital of LienVietPostBank, post office branches will not be allowed to accept savings deposits.

Source: https://vietnamnet.vn/lienvietpostbank-duoc-chap-thuan-doi-ten-moi-2143317.html