Accordingly, Lien Viet Post Commercial Bank ( LPBank ) officially changed its trade 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 LPB remains unchanged.
LPBank affirms that the name change will not affect the bank's business operations or the rights of its customers, partners, and shareholders.
The name change and brand identity mark the beginning of a new phase of development for LPBank with a new business strategy, aiming for new values for customers, partners, and shareholders.
Previously, the plan to change the trade name was approved by LPBank's General Shareholders' Meeting on April 17, 2024. The new name is Loc Phat Vietnam Bank. The word "Loc" signifies good fortune, opening up opportunities for cooperation and business development not only for customers but also for the bank itself. "Phat" represents the positive outcome of cooperation and development, and reflects the bank's vision of achieving prosperity and well-being together with its customers, the community, and the country.
Over its more than 16 years of development, LPBank has always proactively followed the directives 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 among the Top 500 banks with the highest brand value globally in 2024, and possessing many prestigious awards both domestically and internationally.
Mr. Nguyen Duc Thuy, Chairman of the Board of Directors of LPBank, emphasized: “Having completed the historical mission of its old name, LPBank decided to change its name to suit the new development phase, aiming for strong, comprehensive, sustainable, and prudent changes. The name 'Loc Phat Vietnam Bank' not only unifies the trade name, the abbreviation LPBank, and the stock code LPB, but also meets the expectations of the Bank's leadership, committing to maximizing value and benefits for shareholders, partners, and customers.”
LPBank has established itself in the market as the bank with the largest network, boasting over 1,200 transaction points across all 63 provinces and cities, extending to districts and towns, along with its motto of "customer-centricity" reflected in every transaction, no matter how small. Leveraging its extensive network and adopting a new commercial name, LPBank will continue its journey with the mission of bringing the best quality products and services to people nationwide.
Recently, LPBank announced that it will consider submitting to the General Shareholders' Meeting for approval an adjustment to the plan to increase charter capital in 2024 through the issuance of shares to pay dividends at the extraordinary General Shareholders' Meeting scheduled for September 2024. The expected dividend payout ratio is 16.8%. After the issuance, LPBank's charter capital is expected to reach VND 29,872 billion, placing it among the banks with the highest charter capital in the entire system.
Previously, LPBank's General Shareholders' Meeting 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 VND 317,380 billion.
Source: https://nhandan.vn/lpbank-cong-bo-ten-thuong-mai-moi-ngan-hang-loc-phat-viet-nam-post819240.html
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