Loc Phat Bank Vietnam

Accordingly, Lien Viet Post Joint Stock Commercial Bank ( LPBank ) officially changed its commercial name to Loc Phat Vietnam Joint Stock Commercial Bank, its English name is Fortune Vietnam Joint Stock Commercial Bank, its English abbreviation is LPBank and its listed stock code is LPB remains the same.

LPBank affirms that the name change will not affect the Bank's business operations as well as 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 being 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 a good result of cooperation and development, and at the same time demonstrates the Bank's vision of moving towards prosperity and prosperity with customers, the community and the country.

Over the past 16 years of development, LPBank has always proactively followed the instructions of the Government and the State Bank of Vietnam and has achieved many successes. From a small bank, newly established in 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: “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 commercial name, the abbreviation LPBank and the stock code LPB, but also meets the expectations of the Bank's Board of Directors, committed to maximizing the value of benefits for shareholders, partners and customers".

The LPBank brand has established its position in the market as a Bank with the largest network of more than 1,200 transaction points spread across 63 provinces and cities to districts and towns, along with the motto of "taking customers as the center" reflected in every transaction, even the smallest. 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.

Recently, LPBank announced that the bank will consider submitting to the General Meeting of Shareholders for approval an adjustment to the charter capital increase plan in 2024 through the form of issuing 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.

Source: https://nhandan.vn/lpbank-cong-bo-ten-thuong-mai-moi-ngan-hang-loc-phat-viet-nam-post819240.html