The Maldives Monetary Authority (MMA) has officially clarified that the Bank of Maldives’ (BML) proposed acquisition of the SME Development Finance Corporation (SDFC) does not contravene the Maldives Banking Act. In a statement released today, the Authority confirmed that BML’s planned transaction complies with the established legal and regulatory framework.
Following a thorough review of the information submitted by BML regarding the acquisition, the central bank affirmed that the procedures adopted by the bank align with MMA’s operational principles. The Authority further noted that no aspect of the transaction had been found to breach any provisions of the law.
“According to the information shared by BML, the bank has assured the Authority that the entire process will be executed in full compliance with the relevant laws, regulations, and procedures,” MMA stated.
This development marks a significant step forward in BML’s strategic initiative to strengthen its foothold in SME financing and consolidate its leadership in the national banking sector. The potential merger of BML and SDFC is expected to streamline public financial services and expand credit access to small and medium enterprises across the country.
As the government continues its mission to empower local businesses and drive economic diversification, the regulatory clearance of such strategic transactions signals a stable and proactive financial governance environment under President Dr. Mohamed Muizzu’s administration.
