Bầu Thụy's bank has just added a proposal to change its name to be presented at the upcoming annual general meeting - Lộc Phát Vietnam Bank.
Lien Viet Post Bank ( LPBank , LPB) has just updated its documents for the 2024 Annual General Meeting of Shareholders. In these documents, the bank has added a proposal for a name change.
In the initial proposal, LPBank wanted to change its name from Lien Viet Post Bank to Vietnam Post Bank. Another option, recently added to the meeting documents, is Loc Phat Vietnam Bank. The first two characters of "Loc Phat" also coincide with the stock code LPB and the abbreviation LPBank of this bank.
According to LPBank, since 2011, the bank has used the name "Lien Viet Post Commercial Joint Stock Bank" in all legal documents and communication channels. "However, the bank is undergoing a strong transformation and comprehensive development with the goal of putting customers at the center," LPBank's report states, adding that a name change is necessary to suit the new situation.
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.
In 2023, LPBank recorded a pre-tax profit of over VND 7,000 billion, a 24% increase compared to 2022. Its charter capital increased by 48% to over VND 25,500 billion by the end of the year.
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.
Minh Son
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