Lien Viet Post Bank Becomes Loc Phat Vietnam Bank: A Focus on Sustainable Growth and Profitability
In 2024, Lien Viet Post Bank (LPBank, LPB) announced its decision to change its name to Loc Phat Vietnam Bank with the approval of shareholders during its annual shareholder meeting. The bank’s abbreviation will remain as LPBank, and the new name aligns with its stock code on the stock market. This strategic move towards sustainable development and prosperity for the community was made by the Board of Directors.
The decision to change the name follows previous branding adjustments from LienVietPostBank to LPBank after Vietnam Post Corporation (VNPost) divested capital. Changes in brand identity and personnel occurred when Mr. Nguyen Duc Thuy took on the role of Chairman of the Board of Directors in April 2021, assuming the position at the end of 2022. During this year’s shareholder meeting, Mr. Thuy outlined the bank’s focus on developing retail customers, digitalization, non-credit income, human resource improvement, risk management, and shareholder benefits. The bank also plans to increase pre-tax profit by nearly 50% compared to 2023 and raise charter capital by offering additional shares to existing shareholders.
In response to a query about private placement for foreign partners, Vice Chairman Bui Thai Ha explained that the plan was temporarily suspended due to economic challenges. The bank aims to collaborate with reputable partners with financial capabilities in future opportunities. Furthermore, cash dividends are not expected to be paid in the next three years to enhance financial capacity.
LPBank’s leadership is committed to achieving its financial targets, improving operations, and increasing shareholder value while maintaining a customer-centric approach at its core. Its strategic direction focuses on growth, sustainability, and profitability.
