Addressing a major news conference on Saturday, September 14, 2019 in the Board Room of the Liberia bank for Development and Investment (LBDI), Mr. John B.S. Davies, III, Chief Executive Officer of the Bank publicly bragged about the level of professional services being provided by the Bank to its numerous customers.
The bank which was created by an Act of the National Legislature in 1961 under the joint initiative of major international financial institutions that purchased equity in the Bank has extremely over the years performed well making the difference as an indigenous banking institution in the Country.
Given a brief background of its existence as a financial institution, Mr. Davies who is also President of the West African Bankers Association (WABA), highlighted the genesis of his bank, noting that the commencement of operations of the LBDI which initially started in 1965 as the Liberian Bank for Industrial Development and Investment, amendment in 1974.
Tutoring journalists at the news conference, the LBDI boss said, the name was changed to the Liberian Bank for Development and Investment (LBDI), and further amendment in 1988, which allowed the Bank with the authority to engage in commercial banking activities complementing its development objectives.
Mr. Davies also told journalists that since the establishment of the Bank, with its required objectives including facilitating the creation and expansion of small, medium, and large scale productive businesses such as Agro, Industrial and Service(including Tourism Enterprises, provide increased goods and services for the rapidly growing consumption requirements of the economy.
He noted that the Bank’s commitment is to provide medium and long term loans for development oriented projects through the mobilization of domestic foreign resources, assist in the revival of the key sectors of the economy to create jobs, reduce poverty, and encourage the efficient use of the country’s human and natural resources, and to also ensure profitability and sustainable operations to achieve business growth, significant market share, and returns/value to all stakeholders including customers, staff and shareholders.
The LBDI Chief Executive Officer speaking further also bragged that over the last 54 years the level of professional services employees of the bank are providing their numerous clients have been considered as ‘unmatched banking and financial services’.
He said with the level of trained and professional employees, executive management and board of directors endeavored for the last 54 years with the aimed of bringing to its numerous nothing but perfect solutions, stressing, “LBDI as a premier financial institution is here to serve our customers best banking and financial needs,” Mr. Davis speaking at Saturday’s press conference said.
He said LBDI has grown from a bank of one branch to a viable bank of over 20 branches and service centers cutting across seven counties in Liberia, noting, “We have remained loyal and committed to our customers,” Mr. Davies told journalists.
Mr. Davies speaking further said several modern technologies for improved services at the Bank as compare to international standard are expected to be introduced, noting that all of these services when introduced will conveniently put the Bank on the super highway technologically.
He said the Bank having built its reputation as Liberia’s most reliable financial institution recently empowered 17 of its employees by sending to India for advanced training and are now back in Liberia to professionally contribute their quota to the growth of the Bank. Mr. Davies also disclosed that six Indians are currently in the country assigned to the Bank to test staff of the bank in their day to day operations.
The LBDI boss said despite of the numerous challenges being faced with the Bank’s operations, 500 agents who are small businesses with good cash volume that can play the role of virtual bank agents are expected to be recruited nationwide to help in providing professional services to the Bank’s many customers around the country.