Liberian Bank for Development and Investment

Fourteen employees of the Liberia Bank for Development and Investment (LBDI) have certificated and honored for long service and excellent performance at the Bank. The honorees include the Bank's President and Chief Executive Officer Mr. John B. S. Davies, III who, along with eight others, received certificates and 15 years award. The others in this category include Mr. William Jackson, Olivia Davies, Kou Giddings, Eugene McClain, Fatu Effiong, Onike Bedell, Reginald Goll and Aaron Kollie. Three staffs including Madam Doretha Yarsiah, Frances Williams and Mr. Akwenah Nyeamene was also honored for ten years of service with LBDI. The longest service award was given to Mr. Clarence W. Bai who has served the Bank for twenty five years, while the twenty years service award was issued to Mr. Samuel Gborzoe. Speaking at the Anniversary ceremony in Monrovia on November 24, LBDI CEO John B. S. Davies III commended the honorees and the entire staffers of the Bank for their dedication and commitment to working towards the growth and development of LBDI. A former Comptroller General of Liberia, Mr. Davies noted the strong liquidity position of LBDI, a gain he attributed directly to the leadership and professional roles of all of the employees. "We at (LBDI) are blessed to such quality employees with us," said Mr. Davies. He encouraged the employees to keep up the excellent performance and assured them of a better LBDI during the post-Ebola crisis. He also thanked the Bank's customers to maintaining their trust in LBDI and banking with it. Speaking on behalf of the honorees, LBDI's longest serving honoree and vice president for Buchanan Branch Mr. Clarence W. Bai thanked the Management for the recognition and pledged the honorees' commitment to remaining dedicated to the Bank and serving the Liberian people through LBDI. "I must be very frank…serving a bank like LBDI for 25 years is not easy," said Mr. Bai as he commended the Management for celebrating the 49th Anniversary of LBDI. Mr. Bai used the occasion to appeal the Management to conduct regular training for all employees including the vice presidents for all branches. Mr. Bai also called for salary increment for employees noting that it would further motivate employees to go the extra miles in serving and protecting the Bank. Earlier, LBDI Board Chair and Minister of Finance and Development Planning Amara M. Konneh congratulated the Management and staff of LBDI for holding the Bank strong together during this Ebola crisis. Chairman Konneh wondered how the economy would been without the strong liquidity position of LBDI, a Bank he lauded, for its ethical style of banking. "I would have been in hell fire had LBDI not been so strong and this Bank is strong because of you-the staff and the Management including our committed customers," said Mr. Konneh. LBDI is predominantly a privately owned institution under private management and a Board of Directors elected annually by its Shareholders. The Bank commenced operations in 1965 as Liberian Bank for Industrial Development and Investment. Under an amendment in 1974, the name was changed to the Liberian Bank for Development & Investment (LBDI). A further amendment in 1988 allowed the Bank to engage in commercial banking activities, to compliment its development objectives. The Bank was actually created by an Act of the National Legislature in 1961 under the joint initiative of the Liberian government and major international financial institutions that purchased equity namely: International Financial Corporation (IFC), Commonwealth Development Corporation (CDC) Capital Partners, European Investment Bank (EIB), Groupe Agence Franicais de Development (GAFD), and Deutsche Investitions-und Entwicklungesllchaft (DEG). Over 150 private Liberians and other international and local institutions have equity in the Bank. Foreign shareholding is 44.47% and local shareholding is 55.53%.