‘LBDI Still Enjoys Correspondent Banking Relationship with Citibank;’ Terms Media Speculations “Untrue and Baseless”


Monrovia – 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 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.

According to the only Liberian bank, 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 issued Thursday, November 21.

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. The bank 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.