Mr. Nguyen Duc Thuy stepped down as Chairman of LPBank, retaining a 2.76% stake.
Mr. Nguyen Duc Thuy resigned as Chairman of the Board of Directors of LPBank and moved to Sacombank. LPB shares fell by more than 5% following this senior management change.
Senior personnel changes and market reaction
On December 23, the Board of Directors of Loc Phat Vietnam Commercial Joint Stock Bank (LPBank – Code: LPB) approved the dismissal of Mr. Nguyen Duc Thuy from the position of Chairman of the Board of Directors at his own request. On the same day, Mr. Thuy's younger brother, Mr. Nguyen Van Thuy, also resigned from his position as Vice Chairman of the Board of Directors.
Following this change, Mr. Ho Nam Tien, Permanent Vice Chairman of the Board of Directors, has been appointed Chairman of LPBank for the remainder of the 2023–2028 term. These decisions were announced just before the bank's 2025 Extraordinary General Meeting of Shareholders.
In response to the news, the stock market saw heavy selling of LPB shares, which fell by more than 5% to 41,800 VND/share at the close of trading on December 23. Conversely, STB shares of Sacombank, where Mr. Thuy was recently appointed as Acting General Director, surged to the ceiling price for two consecutive sessions.
Concentrated ownership structure and shareholder ratio.
According to the first half of 2025's corporate governance report, as of June 30th, Mr. Nguyen Duc Thuy held over 82.5 million LPB shares, equivalent to 2.76% of the bank's charter capital. The value of this block of shares is estimated at approximately VND 3,448 billion based on the closing price on December 23rd. Mr. Thuy's relatives only own a small amount, about 4,500 shares.
Besides Mr. Thuy, LPBank has only one other major shareholder, Vietnam Post Corporation (VNPost), with a 6.54% ownership stake, equivalent to nearly 167.2 million LPB shares, as announced in July 2024.
LPBank's shareholder structure is showing a clear trend towards concentration. At the 2025 annual general meeting, only 187 shareholders and proxies attended, but they represented 92.86% of the total voting shares. Meanwhile, the number of shareholders of the bank has sharply decreased from 41,294 in 2023 to 29,501 at the beginning of 2025. This indicates that power is gradually concentrating in the hands of major shareholders and institutional shareholders.
Mr. Nguyen Duc Thuy's mark at LPBank
Mr. Nguyen Duc Thuy joined LPBank in May 2021 as Vice Chairman of the Board of Directors and became Chairman of the Board of Directors in December 2022. During his tenure, he is credited with making significant contributions to the rebranding, renaming LienVietPostBank to LPBank, and promoting the expansion of the bank's ecosystem.
Before entering the banking sector, Mr. Thuy was a well-known businessman, active in various industries such as real estate and construction materials, and was formerly the Chairman of Thaiholdings Group.
