Sunday 29 Mar 2026
BML's CEO and Managing Director Mohamed Shareef. (Photo/President's Office)
The Bank of Maldives (BML), the primary financial institution of the Maldives, has announced a strategic shift toward international market participation. In a recent disclosure, Chief Executive Officer and Managing Director Mohamed Shareef confirmed that the bank has formally applied for a license to operate a branch in Sri Lanka. This announcement, made during his appearance on the Public Service Media (PSM) program 'Raajje Miadhu', highlights the bank's intent to extend its services beyond its domestic operations. The move is particularly significant given the strong historical, cultural, and economic ties between the Maldives and Sri Lanka, a nation that hosts one of the largest Maldivian communities abroad. For many years, the Bank of Maldives has focused its resources on a comprehensive national expansion strategy. As of the current date, this effort has culminated in the establishment of 42 branches, covering all 20 atolls of the archipelago. Furthermore, the bank has deployed an extensive network of 267 automated teller machines (ATMs) and introduced advanced digital banking platforms to ensure financial inclusivity for every island resident. Having achieved this nationwide coverage, the institution is now transitioning its focus to external growth opportunities to better serve its customers who reside or conduct business in the regional sphere. Expanding into an international market is a complex endeavor that involves more than just a desire for growth. During his discussion, CEO Shareef elaborated on the operational and financial considerations necessary for such a venture. He noted that while the Bank of Maldives possesses a robust capital base—estimated at 16 billion MVR—international expansion often triggers significantly higher capital requirements as mandated by the central banks of host countries. These regulations are designed to ensure that foreign branches maintain the stability and liquidity necessary to support the local economy in which they operate.
The Bank of Maldives (BML) has applied for a license to open a branch in neighboring Sri Lanka, home to one of the largest Maldivian diasporas, according to the bank’s CEO and Maning Director Mohamed Shareef.
The BML has 42 branches across all 20 atolls of the Maldives, as well as 267 ATMs and advanced digital banking platforms.
In an appearance on Public Service Media (PSM)’s ‘Raajje Miadhu’ show on Tuesday night, Shareef said the BML is working on expanding its branches beyond the Maldives.
He said that the bank has already applied to the Central Bank of Sri Lanka for a license to open a branch in the neighboring country.
“We have applied to the central bank for a license to open a branch in Sri Lanka. But there are also a lot of considerations to be made when opening a bank branch overseas,” he said.
Shareef said that the BML has a capital of MVR 16 billion, but needs to get it even higher to open branches overseas.
“The capital requirement of foreign countries is very high, right? There may be a place like a rep office. But we applied for a license because we believe we can open a branch in Sri Lanka. We have submitted proposals,” he said.
The BML had focused last year on national expansion, establishing branches in all atolls and ATMs in all residential islands.
