LPBank may change its name to Loc Phat Bank

Mr. Thuy's bank has just added a name change plan to present at the upcoming annual meeting - Loc Phat Vietnam Bank.

Lien Viet Post Bank ( LPBank , LPB) has just updated the documents for the 2024 Annual General Meeting of Shareholders. In which, this bank added a name change plan.

In the original plan, LPBank wanted to change its name from Lien Viet Post Bank to Vietnam Post Bank. Another plan that was just added in the meeting document is Loc Phat Vietnam Bank. The first two characters of "Loc Phat" also coincide with the stock code LPB and the abbreviation LPBank of this bank.

According to LPBank, since 2011, the bank has used the name "Lien Viet Post Joint Stock Commercial Bank" on all legal documents and communication channels. "However, the bank is in the process of strong transformation and comprehensive development with the goal of focusing on customers," LPBank's report said, adding that it is necessary to change the name to suit the new situation.

Last year, the bank changed its brand identity from LienVietPostBank to LPBank after Vietnam Post Corporation (VNPost) planned to divest. Changes in branding and personnel also took place after Mr. Nguyen Duc Thuy became Chairman of the Board of Directors.

Mr. Thuy was elected to the Board of Directors of LPBank at the end of April 2021 and became Vice Chairman of the bank about a week later. At the end of 2022, Mr. Thuy was elected to the position of Chairman of the Board of Directors.

In 2023, LPBank's pre-tax profit will be more than VND 7,000 billion, an increase of 24% compared to 2022. Charter capital by the end of the year will increase by 48% to more than VND 25,500 billion.

This year, according to the plan submitted to shareholders, LPBank sets a pre-tax profit target of VND 10,500 billion, an increase of nearly 50% compared to 2023. The bank's total assets by the end of the year will reach more than VND 420,000 billion.

Minh Son

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