Services
 |
Headquarters of LPBank (Fortune Vietnam Joint Stock Commercial Bank) at 17 Tong Dan Street, Hoan Kiem, Hanoi, Vietnam.
|
LPBank, formerly known as LienVietPostBank, has rebranded itself as Fortune Vietnam Joint Stock Commercial Bank (LPBank). This change in name and brand identity marks a new phase in the bank’s journey, with a fresh business strategy and a focus on delivering new values to its customers, partners, and shareholders. The English acronym “LPBank” and the stock code “LPB” remain unchanged. The bank assures that this rebranding will not impact its business operations or the benefits enjoyed by its customers, partners, and shareholders.
This transformation signifies a new era for LPBank, backed by a new business strategy and a vision to create prosperity and success for its customers, community, and the nation. On April 17, 2024, the bank’s shareholders approved the name change at the Annual General Meeting.
The new name, “Lộc Phát,” translates to “good luck and prosperity.” “Lộc” represents the opportunities for collaboration and business growth for both the bank and its customers. “Phát,” meaning “successful outcome,” reflects the bank’s commitment to achieving prosperity and success together with its stakeholders.
Over the past 16 years, LPBank has consistently followed the government’s directives and those of the State Bank of Vietnam, achieving remarkable milestones. From its humble beginnings in 2008, LPBank has risen to become one of the 14 most important banks in the system, ranking among the top 500 banks globally for brand value in 2024. Mr. Nguyen Duc Thuy, Chairman of LPBank’s Board of Directors, emphasized: “With the completion of the historical mission of the previous name, LPBank is determined to embrace this new phase of development, aiming for comprehensive effectiveness and sustainable growth. The new name, ‘Ngân hàng Lộc Phát Việt Nam,’ unifies our commercial name, acronym LPBank, and stock code LPB, fulfilling the expectations of our leadership and our commitment to maximizing benefits for our shareholders, partners, and customers.”
LPBank has established itself as a leading bank in Vietnam, boasting the largest network of over 1,200 transaction offices across all 63 provinces and cities. Guided by its customer-centric approach, LPBank has extended its reach to even the smallest districts. Leveraging this extensive network, the bank will continue its mission to deliver the best products and services to people nationwide under its new commercial name.
Recently, LPBank announced its plan to propose an adjustment to the 2024 capital increase plan to the Extraordinary General Meeting of Shareholders in September 2024. The proposed dividend payout ratio is 16.8%. Following the issuance, LPBank’s charter capital is expected to reach VND 29,872 billion, placing it among the banks with the highest charter capital in the system.
Earlier, LPBank’s General Meeting of Shareholders approved the 2024 business plan, targeting a pre-tax profit of VND 10,500 billion, a nearly 50% increase compared to 2023. Market capital mobilization is estimated to increase by 11% to VND 317,380 billion.
