VietCapital Bank (Ban Viet in Vietnamese language) has announced the change of its English name to BVBank after getting the nod from the State Bank of Vietnam (SBV). 

A representative of the bank said the new name – BVBank – which is short and easy to remember, can make it convenient for customers to call when making transactions with the bank. The abbreviated name is identical with the s code of the share (BVB) listed on the bourse.

However, analysts have warned that BVBank may lead to a misunderstanding because it is pronounced similarly to another bank – BaoViet Bank.

Naming banks with short and easy-to-remember English names is a growing tendency for Vietnamese banks. LienVietPostBank (Buu Dien Lien Viet in Vietnamese) also officially changed its brand identity after getting the central bank’s approval to change the English name from LienVietPostBank into LPBank.

The word ‘LPBank’ is also pronounced similarly to the LPB stock code of the bank. The brand identification is believed to be a strategic move which marks the start of a new development period.

Prior to that, TienPhongBank changed its name to TPBank.

Another bank, Kien Long in Vietnamese and KienLongBank in English, wanted to change its name, but the plan was not approved by SBV.

Earlier in April 2021, KienLongBank changed its abbreviated name to KSB and changed the brand identification at some branches and transaction offices.

It explained that the change of the abbreviated name helped convey the message of the bank and suited the goal of becoming digitized in the new period. The letter ‘K’ in KSBank represented ‘Kien Long’, while ‘S’ symbolized the S-shape of Vietnam’s map.

In July 2021, KienLong Bank shareholders’ meeting approved the resolution on the renaming to KSBank. However, the watchdog agency rejected the proposal changing the abbreviated name in English on the operation license, because the bank did not fully comply with the required procedures for naming.

Sources said many banks are likely to change their names in the time to come, both in  Vietnamese or English. One of them is PGBank.

The renaming is expected to be reasonable after Petrolimex, a big shareholder, completely divested from the bank. However, the renaming was not discussed at the latest shareholders’ meeting. 

To date, PGBank has not taken any move showing its readiness to change its name while waiting for new shareholders that will replace Petrolimex.

Manh Ha