The Liberian Bank for Development and Investment, is a full-service bank of Liberia, says its attention has been drawn to speculations in some section of the Liberian media that Citi Bank in New York has dropped it as money transfer partner and Qatar Bank also turned it down for US$50M loan.
In a release issued Thursday the bank described the story is “UNTRUE and BASELESS.”
“The LBDI continues to enjoy correspondent banking relationship with Citibank, New York even up to the time of this press release.
LBDI and Citibank have enjoyed mutual relationship for decades and is the only banking institution in Liberia that has direct money transfer relationship with Citibank, New York,” the bank said in a release.
The Bank further clarified that at no time has it engaged a Qatari Bank for financing neither has a Qatari Bank offered financing to it.
“The LBDI wishes to assure its valued customers and the general public that these speculations are intended to instill fear in the public.”
LBDI was founded in 1961 and it is based in Monrovia.
Recently some local dailies in Liberia reported that Citibank in New York city has cancelled its corresponding banking relationship with LBDI due to the current economic crisis in Liberia.
LBDI is involved in consumer banking as well as in development banking. It has 12 branch offices in Liberia. In the field of consumer banking, the bank offers internet banking and Western Union and MoneyGram services.
