Vietnam private lender LPBank appoints new general director

The State Bank of Vietnam has approved a proposal by LPBank, formerly known as LienVietPostBank, to appoint Ho Nam Tien as its general director from June 21.

Tien, born in 1971, holds a master's degree in banking. He has 30 years of experience in finance and banking and has held senior management roles at financial institutions.

Tien joined LPBank in 2010 and has 13 years of experience in senior leadership positions.

The bank in early June received approval from the central bank to raise its charter capital from VND11.39 trillion to VND28.68 trillion ($1.22 billion).

To facilitate the move, LPBank, listed on the Ho Chi Minh Stock Exchange (HoSE) as LPB, will issue 328.5 million shares to pay dividends, offer 500 million shares to existing shareholders, organize a private placement of 300 million shares for foreign investors, and issue 10 million shares under the employee stock ownership plan. The plan was approved at LPB’s 2023 annual general meeting in April.

In the first quarter of this year, LPBank's total operating income reached VND3.13 trillion ($133.25 million), and pre-tax profit hit VND2.55 trillion ($108.4 million).

In 2022, it recorded a pre-tax profit of VND5.69 trillion ($240.35 million), up 56% year-on-year and hitting 118% of its target.

At its 2023 annual general meeting, shareholders approved a target of VND6 trillion ($255.37 million) in pre-tax profit this year, a year-on-year rise of 5.4%.

On the HoSE, LPB shares closed at VND15,200 ($0.65) on Thursday.