With the consensus of shareholders, the bank with Mr. Nguyen Duc Thuy as Chairman of the Board of Directors changed its name to Loc Phat Vietnam Bank.
Mr. Nguyen Duc Thuy, Chairman of LPBank's Board of Directors at the 2024 annual meeting. Photo: LPBank
On the afternoon of April 17, 2024, Lien Viet Post Bank (LPBank, LPB) held its 2024 annual shareholders' meeting. In addition to reports on business activities and capital increase, one content that asked for shareholders' opinions was the bank's name change.
Accordingly, this bank has been approved to change its name from Lien Viet Post Bank to Loc Phat Vietnam Bank. The abbreviated name remains LPBank. The new name, according to LPBank's Board of Directors, is also consistent with the LPB stock code currently listed and traded on the stock market.
"The bank's name change marks a turning point in the current period to realize the strategy of change, efficiency, towards the goal of sustainable development and bringing prosperity to the community," said a representative of LPBank's board of directors, adding that in the concept of East Asians, the two words "luck, prosperity" symbolize development, fortune and luck.
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 from 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.
At this year's shareholders' meeting, the Chairman of LPBank's Board of Directors only shared about the orientation, while operational issues were answered by General Director Ho Nam Tien and Vice Chairman Bui Thai Ha.
According to Mr. Thuy, in the coming time, LPBank will continue to focus on developing retail customers, especially in rural areas. At the same time, the bank will promote digitalization activities, increase the proportion of non-credit income, improve the quality of human resources, manage risks and bring benefits to shareholders.
In response to questions about private placements for foreign partners, Vice Chairman Bui Thai Ha said the plan was approved in 2022, but due to the difficult economic situation and unfavorable market, the Board of Directors proposed to temporarily suspend this plan. "We will continue to look for partners with prestige and financial potential," said Mr. Ha.
Regarding the issue of cash dividends, LPBank's Board of Directors said it plans not to pay cash dividends for the next three years to improve financial capacity. After that, depending on the actual situation, the bank's board of directors will present it to shareholders.
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.
The bank also plans to offer up to 800 million additional shares to existing shareholders to increase its charter capital by an additional VND8,000 billion, raising its charter capital to more than VND33,576 billion.
Minh Son
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