In 2024, Lien Viet Post Bank (LPBank) underwent a major transformation by changing its name to Loc Phat Vietnam Bank with the approval of its shareholders. The bank’s abbreviation remains as LPBank, and the new name aligns with its stock code LPB on the stock market. This strategic move was made by the Board of Directors to promote sustainable development and prosperity for the community.
The decision to change the name was prompted by previous branding adjustments from LienVietPostBank to LPBank following Vietnam Post Corporation (VNPost) divesting 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. During his tenure, 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 aims 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.
The leadership of LPBank 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.
