The decision was issued by the State Bank today (July 15). Loc Phat Vietnam Joint Stock Commercial Bank will have the English name Fortune Vietnam Joint Stock Commercial Bank, abbreviated name LPBank , stock code LPB.

The bank representative affirmed that the name change will not affect the bank's business operations as well as the interests of customers, partners and shareholders. The name change and brand identity change 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.

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

The bank representative said that with the new name Loc Phat - the word "Loc" means luck, opening up opportunities for cooperation and business development not only for customers but also for the bank itself; the word "Phat" is the good result of cooperation and development, at the same time expressing the bank's vision of moving towards prosperity with customers, the community and the country.

On the journey of more than 16 years of development, from a small bank, established in 2008 to present, LPBank has grown to become one of 14 important banks in the system, ranked in the Top 500 banks with the highest brand value globally in 2024, owning many prestigious awards at home and abroad.

Mr. Nguyen Duc Thuy - Chairman of LPBank's Board of Directors emphasized: "With the completion of the historical mission of the old name, LPBank decided to change the name to suit the new development stage, aiming for strong change, comprehensive efficiency, sustainable and prudent development. The name Loc Phat Bank Vietnam is not only consistent between the commercial 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".

LPBank brand has established its position in the market as a bank with a network of more than 1,200 transaction points, spanning 63 provinces and cities to districts and towns, with the motto of "customer-centric" reflected in every transaction, no matter how small.

“Promoting the strength of a bank with a large network, with a new commercial name, LPBank will continue its journey with the mission of bringing the best quality products and services to people across the country,” the bank's leaders affirmed.

Recently, LPBank said it will consider submitting to the General Meeting of Shareholders for approval an adjustment to the charter capital increase plan in 2024 through the issuance of shares to pay dividends at the extraordinary General Meeting of Shareholders scheduled for September 2024. The expected dividend payout ratio is 16.8%. After issuance, LPBank's charter capital is expected to reach VND 29,872 billion, among the banks with the highest charter capital in the entire 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; capital mobilized from the market is estimated to increase by 11% to VND 317,380 billion.

Bean Linh