LPBank building in Hà Nội City. LPBank has changed its name to Lộc Phát Việt Nam Commercial Joint Stock Bank. — Photo baotintuc.vn
The Liên Việt Post Commercial Joint Stock Bank (LPBank) has officially changed its trade name to Lộc Phát Việt Nam Commercial Joint Stock Bank, with the English name as Fortune Vietnam Joint Stock Commercial Bank and the English abbreviation LPBank. The listed stock ticker LPB remains unchanged.
The new name, Lộc Phát Việt Nam, combines 'Lộc' symbolising luck and opportunities for business cooperation and development and 'Phát' representing the fruitful results of collaboration and growth. It reflects the bank's vision of prosperity and wealth shared with customers, the community and the nation.
LPBank assured customers than the name change will not affect the bank's business operations or the rights of its customers, partners, and shareholders.
The rebranding marks the beginning of a new development phase for LPBank, aligning with its new business strategy and focusing on new values for customers, partners and shareholders. The plan to change the trade name was approved by LPBank's General Meeting of Shareholders (GMS) on 17 April this year.
Nguyễn Đức Thụy, Chairman of the Board of Directors of LPBank, said that the decision to change the name is to align with the new development phase, aiming for comprehensive, effective and sustainable growth. The name Lộc Phát Việt Nam ensures consistency between the trade name, the abbreviation LPBank and the stock ticker LPB, meeting the expectations of the bank's leadership and committing to maximising value benefits for shareholders, partners and customers.
LPBank has established a strong market position and brand, with the largest network of over 1,200 transaction points across 63 provinces and cities, all the way down to district level.
Recently, LPBank announced that it will consider submitting to the GMS for approval the adjustment of the 2024 capital increase plan through issuing shares to pay dividends at an extraordinary GMS meeting expected in September 2024. The expected dividend payout ratio is 16.8 per cent. After the issuance, LPBank’s charter capital is projected to reach VNĐ29.8 trillion, placing it among the top banks in Việt Nam with the highest charter capital in the system.
Previously, the GMS of LPBank also approved the 2024 business plan with a pre-tax profit target of VNĐ10.500 trillion, an increase of nearly 50 per cent compared to 2023. Market mobilised capital is estimated to increase by 11 per cent to VNĐ317.3 trillion. — VNS