LPBank announced its new commercial name as Loc Phat Vietnam Bank.

Head office of Loc Phat Vietnam Joint Stock Commercial Bank ( LPBank ) at 210 Tran Quang Khai Street, Hoan Kiem, Hanoi.

Accordingly, Lien Viet Post Joint Stock Commercial Bank (LPBank) officially changed its commercial name to Loc Phat Vietnam Joint Stock Commercial Bank.

The English name of this bank is Fortune Vietnam Joint Stock Commercial Bank with the English abbreviation LPBank. The listed stock code LPB remains the same.

LPBank affirms that the name change will not affect the bank's business operations or the interests of customers, partners and shareholders.

The change of name and brand identity marks the beginning of a new development phase of LPBank with a new business strategy, aiming at new values for customers, partners and shareholders.

Previously, the plan to change the trade name was approved by LPBank's general meeting of shareholders on April 17, 2024.

With the new name of Loc Phat Bank Vietnam, the word "Loc" means luck, opening up opportunities for cooperation and business development not only for customers but also for the bank itself.

"Phat" is the good result of cooperation and development, and at the same time demonstrates the Bank's vision of moving towards prosperity and well-being with customers, community and country.

During more than 16 years of development, LPBank has always proactively followed the instructions of the Government and the State Bank.

The Bank has achieved many successes. From a small bank, newly established since 2008, LPBank has grown to become one of the 14 most important banks in the system, ranked in the Top 500 banks with the highest brand value globally in 2024, and won many prestigious awards at home and abroad.

Mr. Nguyen Duc Thuy - Chairman of the Board of Directors of LPBank - emphasized that with the completion of the historical mission of the old name, LPBank decided to change the name to suit the new development stage for strong change, comprehensive efficiency, sustainable and prudent development.

"The name Loc Phat Bank Vietnam is not only consistent between the trade name, the abbreviation LPBank and the stock code LPB, but also meets the expectations of the Bank's leadership, committed to maximizing the value of benefits for shareholders, partners and customers" - Mr. Thuy shared.

LPBank brand has established its position in the market as a bank with the largest network of more than 1,200 transaction points spanning 63 provinces and districts, with the motto "customer-centric".

Promoting the strength of a bank with a large network, the new commercial name change will help LPBank continue its journey with the mission of bringing the best quality products and services to customers across the country.

Recently, LPBank announced that it will consider submitting to the general meeting of shareholders for approval an adjustment to the plan to increase charter capital in 2024 through the form of issuing shares to pay dividends at the extraordinary general meeting of shareholders scheduled for this coming September.

The expected dividend payout ratio is 16.8%. After issuance, LPBank's charter capital is expected to reach VND29,872 billion, among the banks with the highest charter capital in the system.

Previously, LPBank's general meeting of shareholders also approved the 2024 business plan with pre-tax profit reaching VND 10,500 billion, an increase of nearly 50% compared to 2023.

Market mobilized capital is estimated to increase by 11% to VND317,380 billion.

Source: https://tuoitre.vn/lpbank-cong-bo-ten-thuong-mai-moi-la-ngan-hang-loc-phat-viet-nam-20240716092035062.htm