Lienvietpostbank approved to change its new name

The State Bank has just decided to allow Lien Viet Post Bank (Lienvietpostbank) to change its English abbreviation to "LPBank".

LPBank said that in the coming time, the bank will continue to comprehensively change the logo system and LPBank brand identity to synchronize services.

The change to a new abbreviation is considered to capture the general trend of banks, the shortest possible abbreviation.

Chairman of LienVietPostBank Board of Directors Nguyen Duc Thuy. (Photo: N. Tuan)

Previously, the 2023 Annual General Meeting approved the change to a new abbreviated name. The reason for the name "LienVietPostBank" is that it has too many characters, is difficult to pronounce, difficult to remember, leading to difficulty in recognition, and low communication effect.

By the end of the first quarter of 2023, LPBank's capital mobilization reached VND 272,500 billion, outstanding loans VND 242,100 billion. Pre-tax profit VND 1,566 billion.

In 2022, LienVietPostBank achieved VND 4,510 billion in profit after tax. Profit after setting aside funds that can distribute dividends was VND 3,393 billion.

The congress approved the 2022 profit distribution plan with a dividend rate of 19%. The profit used for dividend payment is VND 3,285 billion.

Post offices will divest less than 5% of capital at LienVietPostBank. Since the date Vietnam Post Corporation divests capital below 5% of charter capital of LienVietPostBank, post office transaction offices are not allowed to receive savings deposits.

Source