The list of shareholders attending will be finalized on October 10th, with the General Meeting expected to take place on October 31st at LPBS’s head office in Ho Chi Minh City.
On the same day, LPBS announced that it had received a resignation letter from Mr. Le Minh Tam regarding his position as a member of the Board of Directors for the term 2023-2028 due to personal reasons. Mr. Tam is currently the Chairman of the Board of Directors of LPBS, and if the resignation is approved, he will also step down from this position.
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Mr. Tam has over 30 years of experience in finance and banking, holding senior leadership positions in large domestic and international banks and securities companies. Specifically, he has served as a Member of the Board of Directors and General Director of Hongleong Bank (Malaysia), Chairman of the Board and General Director of Maybank Kimeng (now Maybank Securities), and Chairman of the Board and Director of Yuanta Securities. Prior to that, Mr. Tam was the Deputy General Director of ACB Bank and Corporate Client Director at Deutsche Bank AG. He also worked for the World Bank’s Southeast Asia Economic Research Department in Singapore. Born in 1971, Mr. Tam holds a Master of Business Administration (Massachusetts Institute of Technology) and a Master of Laws (Fletcher School of Law and Diplomacy, Tufts University, Massachusetts, USA). He has undergone specialized training in bank management in Sweden and strategic management of financial institutions in Israel. |
It is known that Mr. Tam was appointed Chairman of LPBS last year, replacing Ms. Vu Thanh Hue. At that time, Mr. Tam was also assigned the positions of Chairman of the Strategy Council and Vice Chairman of the Technology Council under the Board of Directors.
In May 2024, Mr. Tam was appointed Vice Chairman of the Board of Directors of Loc Phat Commercial Joint Stock Bank (LPBank, HOSE: LPB) – which directly owns 5.5% of LPBS’s capital and is one of the four major shareholders as of June 30, 2024.
Recently, there have been several changes in the senior leadership of LPBS. In August 2024, LPBS announced the resignation of Mr. Nguyen Huy Du from the Board of Directors due to personal reasons. Mr. Du had just been elected to the Board of Directors at the 2024 Annual General Meeting of Shareholders.
On the other hand, Mr. Hoang Cong Nguyen Vu has been appointed as Deputy General Director in charge of the Support Block, Business Operations Block, and Internal Control Department since September 18th.
Regarding LPBS’s business results for the first six months of 2024, the company reported revenue of nearly VND 31 billion, up 207% over the same period last year, and a net profit of over VND 13 billion, an increase of 419%.
According to LPBS, the successful capital increase to VND 3,888 billion and the expansion of business activities such as brokerage of listed securities, margin trading, lending, and proprietary trading contributed to the significant growth in revenue.
The increase in total expenses by 95% was attributed to the expansion of business operations, recruitment of additional personnel, opening of new branches, and investment in machinery, equipment, and software. However, the lower growth rate of expenses compared to revenue resulted in a surge in LPBS’s net profit.
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LPBS’s capital increase and changes in ownership structure
Source: 2024 Semi-annual Reviewed Financial Statements of LPBS
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| LPBS’s net profit surged in the first half of 2024 |
