In 2024, Lien Viet Post Bank (LPBank, LPB) underwent a significant transformation by changing its name to Loc Phat Vietnam Bank. This change was approved by shareholders and aligns with the bank’s stock code LPB on the stock market. The decision to rebrand is a strategic move towards sustainable development and prosperity for the community, according to the Board of Directors.
The transformation of the bank’s 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. His appointment came in April 2021, and he assumed the position of Chairman 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 the future. 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. The bank’s strategic direction focuses on growth, sustainability, and profitability with a customer-centric approach at its core.
The change in name marks a new chapter for LPBank as it continues its journey towards becoming a leading financial institution in Vietnam while maintaining its commitment to its stakeholders’ welfare.