Sustainability and Innovation: Loc Phat Bank Vietnam’s Strategic Rebrand and Transformation

In 2024, Loc Phat Bank Vietnam (LPBVN) was officially launched after its name was changed from Lien Viet Post Bank (LVPB). The change was made with the approval of shareholders and the bank’s leadership, under the chairmanship of Mr. Nguyen Duc Thuy. The new name aligns with LPBVN’s stock code on the stock market and signifies a strategic shift towards sustainability and community prosperity.

At the annual meeting in 2024, shareholders were asked for their opinions on changing the bank’s name. The proposal was approved, and LPBVN is now known as Loc Phat Bank Vietnam. The bank’s leadership emphasized that this change signifies a new era of growth and development for LPBVN.

Last year, LPBVN underwent a rebranding from Lien Viet Post Bank to LPBank, coinciding with changes in leadership after Mr. Nguyen Duc Thuy became Chairman of the Board of Directors. At the 2024 annual meeting, Mr. Thuy outlined the bank’s strategic focus on developing retail customers, digitalization, and increasing non-credit income. He also mentioned that private placement for foreign partners has been approved in 2022 but temporarily suspended due to market conditions. Cash dividends are not expected to be paid in the next three years to enhance financial capacity.

The bank aims to achieve a pre-tax profit target of 10,500 billion VND in 2024 and increase total assets to over 420,000 billion VND by year-end. In addition to operational updates and financial targets, LPBVN plans to offer additional shares to existing shareholders to increase charter capital. The leadership of LPBVN emphasized the importance of innovation, risk management, and creating value for shareholders in the evolving banking landscape.

Overall, Loc Phat Bank Vietnam is now well-positioned for success in an increasingly competitive banking industry by focusing on sustainable growth strategies that prioritize customer needs and stakeholder value creation.