The Bank of Maldives (BML) is advancing plans to expand its international footprint, with Chief Executive Officer and Managing Director Mohamed Shareef confirming that the bank has formally applied for a license to establish a branch in Sri Lanka.
Speaking on the “Raajje Miadhu” programme aired by Public Service Media, Shareef revealed that the application has been submitted to the Central Bank of Sri Lanka, marking a significant step in BML’s regional growth strategy.
He acknowledged that expanding into foreign markets presents regulatory and financial challenges, particularly around capital requirements. While BML’s current capital base stands at MVR 16 billion, Shareef emphasized the need for further strengthening to meet international standards.
“Capital requirements in foreign jurisdictions are substantial. Although a representative office is an option, we believe establishing a full branch in Sri Lanka is achievable, and we have proceeded accordingly,” he said.
Strong Domestic Foundation Fuels Expansion
BML’s overseas ambitions come on the back of sustained domestic growth and a solid financial performance. The bank currently operates 42 branches and 179 self-service banking centres across 18 atolls, alongside dedicated services in and . Its nationwide footprint was further strengthened last year with ATMs installed on every inhabited island.
Financially, the bank delivered a strong performance in 2024, posting a net profit of MVR 2.5 billion, a 9.8 percent increase year-on-year. Total assets rose to MVR 55.8 billion, reflecting balance sheet expansion driven by increased lending and deposit growth.
During the year, BML disbursed MVR 10 billion in loans and financing, the highest annual figure in its history, supporting individuals, small and medium enterprises, corporates, and key sectors of the economy. The bank also added more than 30,000 new customers, while customer deposits grew by 16 percent compared to 2023.
Strategic Regional Opportunity
The proposed expansion into Sri Lanka signals BML’s intent to evolve from a domestic leader into a regional banking player. Sri Lanka’s proximity and economic ties with the Maldives present a strategic opportunity to facilitate trade, tourism-linked transactions, and cross-border financial services.
If approved, the move would mark one of the most significant international expansions by a Maldivian financial institution, positioning BML to tap into new revenue streams while reinforcing its role in supporting Maldivian businesses operating abroad.
