LPBank convenes extraordinary general meeting of shareholders in September 2024

Loc Phat Vietnam Commercial Joint Stock Bank (LPBank - HoSE) has just announced documents to submit to the 2024 Extraordinary General Meeting of Shareholders (AGM), scheduled to take place on September 22, including many notable contents.

Accordingly, to ensure maximum benefits for shareholders, on June 25, 2024, the Bank's Board of Directors (BOD) approved a Resolution on temporarily suspending the implementation of procedures for the plan to offer additional shares to existing shareholders to increase charter capital in 2024.

Specifically, instead of increasing charter capital by offering shares to existing shareholders, the bank will submit a plan to issue shares to pay dividends.

At the extraordinary general meeting of shareholders to be held next September, the bank's Board of Directors will consider submitting to the general meeting of shareholders for approval an adjustment to the plan to increase charter capital in 2024 through the form of issuing shares to pay dividends.

Loc Phat Bank plans to hold an extraordinary general meeting of shareholders in September 2024.

The source of money will be taken from undistributed profit after tax in 2023 with an expected dividend payout ratio of 16.8%. If this plan is approved, the bank's charter capital will increase from VND25,576 billion to more than VND29,873 billion.

LPBank said the increase in charter capital aims to improve financial capacity, increase the bank's competitiveness in the process of international economic integration, and maximize benefits for shareholders, customers and partners.

Another notable content at the extraordinary shareholders' meeting this September is that the bank will submit to shareholders for approval the election of additional members to the Board of Directors after being approved by the State Bank.

Accordingly, adding new members to the Board of Directors is a step to help the bank strengthen its supervisory capacity and further improve its governance capacity according to the Law on Credit Institutions 2024, which comes into effect.

On the same day of announcing the documents of the General Meeting of Shareholders, LPBank also announced the Board of Directors' decision to dismiss Ms. Nguyen Thi Gam and Mr. Le Anh Tung from the position of Deputy General Director from August 31, 2024 according to their personal wishes.

Ms. Gam was born in 1970, has a Master's degree in Finance and Business Control.

Ms. Nguyen Thi Gam has been Deputy General Director and Chief Accountant of LPBank since April 10, 2008. She has 30 years of accounting experience at banks, including more than 15 years at Loc Phat Bank.

Mr. Le Anh Tung was born in 1972, has a bachelor's degree in Economics. He has been Deputy General Director of LPBank since June 1, 2019. He has 24 years of experience working in banking, including more than 15 years at LPBank.

According to information on the website, after the above dismissal decision, LPBank's Board of Directors currently has 7 members with General Director Ho Nam Tien, 5 Deputy General Directors and 1 member of the Board of Directors.

Source: https://www.nguoiduatin.vn/lpbank-trieu-tap-dai-hoi-dong-co-dong-bat-thuong-vao-thang-9-2024-20424090107031569.htm