diff --git a/pkg/openstack/loadbalancer.go b/pkg/openstack/loadbalancer.go
index c67ba1f1b4..38a9aed302 100644
--- a/pkg/openstack/loadbalancer.go
+++ b/pkg/openstack/loadbalancer.go
@@ -1695,13 +1695,20 @@ func (lbaas *LbaasV2) ensureOctaviaLoadBalancer(ctx context.Context, clusterName
 		}
 
 		// Here we test for a clusterName that could have had changed in the deployment.
+		// Only rename when the LB was originally created for this Service (i.e. the
+		// namespace and service name components match). Without this guard, a shared
+		// LB from a different cluster gets incorrectly renamed.
 		if lbHasOldClusterName(loadbalancer, clusterName) {
-			msg := "Loadbalancer %s has a name of %s with incorrect cluster-name component. Renaming it to %s."
-			klog.Infof(msg, loadbalancer.ID, loadbalancer.Name, lbName)
-			lbaas.eventRecorder.Eventf(service, corev1.EventTypeWarning, eventLBRename, msg, loadbalancer.ID, loadbalancer.Name, lbName)
-			loadbalancer, err = renameLoadBalancer(ctx, lbaas.lb, loadbalancer, lbName, clusterName)
-			if err != nil {
-				return nil, fmt.Errorf("failed to update load balancer %s with an updated name: %w", svcConf.lbID, err)
+			oldClusterName := getClusterName("", loadbalancer.Name)
+			expectedOldName := cpoutil.Sprintf255(lbFormat, servicePrefix, oldClusterName, service.Namespace, service.Name)
+			if loadbalancer.Name == expectedOldName {
+				msg := "Loadbalancer %s has a name of %s with incorrect cluster-name component. Renaming it to %s."
+				klog.Infof(msg, loadbalancer.ID, loadbalancer.Name, lbName)
+				lbaas.eventRecorder.Eventf(service, corev1.EventTypeWarning, eventLBRename, msg, loadbalancer.ID, loadbalancer.Name, lbName)
+				loadbalancer, err = renameLoadBalancer(ctx, lbaas.lb, loadbalancer, lbName, clusterName)
+				if err != nil {
+					return nil, fmt.Errorf("failed to update load balancer %s with an updated name: %w", svcConf.lbID, err)
+				}
 			}
 		}