On July 15, 2024, the State Bank of Vietnam issued Decision No. 423/QD-TTGSNH2 on amending the content of the Bank Name in the Establishment and Operation License of Lien Viet Post Commercial Joint Stock Bank.
Lien Viet Post Commercial Joint Stock Bank (LPBank) officially changed its commercial name to Loc Phat Vietnam Joint Stock Commercial Bank, the English name is Fortune Vietnam Joint Stock Commercial Bank, the English abbreviation is LPBank and the stock code is Listed securities as LPB remain the same. LPBank affirms that the name change will not affect the Bank's business operations as well as the rights of customers, partners and shareholders.
The change of name and brand identity marks the beginning of a new phase of development for LPBank with a new business strategy, aiming at new values for customers, partners and shareholders. Previously, the plan to change the trade name was approved by the General Meeting of Shareholders (AGM) of LPBank on April 17, 2024.
With the new name Loc Phat Bank Vietnam, the word "Loc" means luck, opening up opportunities for cooperation and business development not only for customers but also for the Bank itself. "Phat" is the good result of cooperation and development, and represents the Bank's vision of moving towards prosperity and prosperity with customers, community and country.
On the journey of more than 16 years of development, LPBank has always proactively followed the directions of the Government and the State Bank and has reaped many achievements. From a small bank, newly established since 2008, LPBank has grown to become one of the 14 most important banks in the system, reaching the Top 500 banks with the highest brand value globally in 2024, owns many prestigious awards at home and abroad.
Mr. Nguyen Duc Thuy - Chairman of the Board of Directors of LPBank - emphasized: "With the completion of the historic mission of the old name, LPBank decided to change the name to suit the new stage of development for strong and effective change. comprehensive, sustainable and prudent development. The name Loc Phat Bank Vietnam is not only consistent with the trade name, abbreviation LPBank and stock code LPB, but also meets the expectations of the Bank's Board of Directors, committed to maximizing the value of benefits. for shareholders, partners and customers".
The LPBank brand has established a foothold in the market as a bank with the largest network with more than 1,200 transaction points spread across 63 provinces and cities, with the motto "customer first". “focus” is expressed in every transaction, even the smallest. Promoting the strengths of a Bank with a large network, with a new commercial name, LPBank will continue its journey with the mission of bringing the best quality products and services to people across the world. country.
Recently, LPBank announced that the Bank will consider submitting to the General Meeting of Shareholders for approval to adjust the plan to increase charter capital in 2024 through the form of issuing shares to pay dividends at the extraordinary General Meeting of Shareholders scheduled for September 2024. The expected dividend payout ratio is 16.8%. After issuance, LPBank's charter capital is expected to reach 29,872 billion VND, among the top banks with the highest charter capital in the entire system.
Previously, LPBank's General Meeting of Shareholders also approved the 2024 business plan with pre-tax profit reaching VND 10,500 billion, an increase of nearly 50% compared to 2023. Market mobilized capital is estimated to increase by 11% to VND 317,380 billion.
