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Apart from Mr. Nguyen Duc Thuy and VNPost, 90% of Vietnam Loc Phat Bank’s registered capital is in the names of shareholders who hold less than 1% of the shares.
Vietnam’s Loc Pha Bank (LPBank) has just published the list of shareholders holding more than 1% of the authorized capital in accordance with the provisions of the revised Law on Credit Institutions.
As a result, Vietnam Post (VNPost) still holds nearly 167.2 million LPB shares, equivalent to a 6.54% stake, while VNPost-related persons hold more than 225,000 shares, equivalent to less than 0.09%.
The remaining shareholder shown in the report is Mr. Nguyen Duc Thuy, chairman of LPBank, with more than 70.7 million shares, equivalent to more than 2,765% of the shares. Mr. Thuy, an associated person, holds nearly 3,900 shares, equivalent to 0.0002%.
Therefore, according to the list published by the bank, more than 90% of LPBank’s shares are held by “small” shareholders with a shareholding of less than 1%.
According to the revised Credit Institutions Law, banks must disclose information about shareholders and related persons who hold more than 1% of the shares from July 1. The list of shareholders’ “related persons” has been expanded compared to before, including adoptive parents, stepfathers, stepmothers, parents-in-law, parents-in-law, sons-in-law, brothers and sisters, brothers and sisters-in-law, brothers and sisters, grandparents, uncles and aunts…
In July, LPBank also just changed its name from Lien Viet Post Office to Loc Phat Bank Vietnam. The bank’s leaders said that this was to implement a transformation strategy aimed at achieving sustainable development and bringing prosperity to society. A representative of the LPBank board of directors said that in Asian beliefs, the word “loc, phat” symbolizes development, wealth and luck.
Since last year, the bank has changed its brand identity from LienVietPostBank to LPBank following Vietnam Post Corporation (VNPost)’s planned divestment.
Brand and personnel changes also occurred after Mr. Thuy assumed the role of Chairman. Mr. Thuy was elected to the LPBank board of directors in late April 2021 and became the bank’s Vice Chairman about a week later. At the end of 2022, he was elected Chairman.
Qiongzhuang
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