Vietnam private lender LPBank has new general director

Vu Quoc Khanh has become CEO of Fortune Vietnam Joint Stock Commercial Bank (LPBank), starting from Tuesday, four months after being appointed acting general director.

LPBank is formerly known as LienVietPostBank or LienVietBank.

Previously, Khanh was acting general director of the private bank after his predecessor, Ho Nam Tien, resigned to become standing vice chairman of the board of directors.

Born in 1981, Khanh has a bachelor's degree in business administration from the Hanoi-based National Economics University.

He worked at Agribank for six years before moving to LPBank where he has worked for 17 years. In 2011, Khanh was appointed deputy general director when he was only 30 years old.

Apart from Khanh, LPBank's executive board currently has 10 people, including five deputy general directors and five other members.

After being approved by its shareholders and the central bank, LienVietPostBank changed its name and brand identity from mid-July 2024, and then finalized its plan to increase charter capital to VND29,800 billion ($1.17 billion).

LPBank's pre-tax profit last year was VND12,168 billion ($476 million), 16% higher than its target and officially joining the group of banks with profits of over VND10 trillion ($391.24 million).

Total assets as of end-2024 were more than VND508,330 billion ($19.89 billion), up of 33% against the beginning of the year.