Bank of Maldives to Take First Step Abroad, Eyes Expansion into Sri Lanka

In a significant move toward international expansion, the Bank of Maldives (BML) has formally applied for a license to open a branch in Sri Lanka, CEO and Managing Director Mohamed Shareef has announced.

This strategic initiative marks BML’s first major step beyond Maldivian shores and reflects the bank’s ambition to strengthen regional financial connectivity between the two island nations. 

Speaking on state media PSM News, Shareef emphasised that while the process involves extensive regulatory and financial considerations, the bank is confident in its readiness to establish a physical presence in Sri Lanka. 

“There are many factors to consider when opening a branch abroad,” Shareef noted, underscoring that capital adequacy is a key requirement under foreign banking regulations. 

Currently, BML operates with a capital base of MVR 16 billion, but Shareef acknowledged the need for further strengthening to meet the higher capital thresholds expected by the Central Bank of Sri Lanka. 

“The capital requirement in foreign countries is quite high. While a representative office might be a simpler alternative, we believe we can meet the standards to open a full branch,” he added.

BML’s domestic performance in recent years has laid a robust foundation for this ambitious expansion. Over the past year, the bank has intensified its nationwide outreach, launching new branches and self-service centers across all 18 atolls of the Maldives, including Addu and Fuvahmulah City. 

Today, BML serves its customers through 42 branches and 179 self-service centers, with ATMs now available on every inhabited island. This aggressive domestic expansion has been complemented by strong financial growth.

In 2025, the bank reported a post-tax net profit of MVR 2.5 billion—an increase of 9.8 percent from the previous year. Total assets surged to MVR 55.8 billion, reflecting improved balance sheet strength and increased lending capacity. Notably, BML disbursed a record MVR 10 billion in new loans and financing to individuals, SMEs, corporate clients, and key economic sectors, supporting national development and entrepreneurship. 

The bank also welcomed over 30,000 new customers last year, with customer deposits rising by 16 percent, a clear indicator of growing public trust and satisfaction with its digital and physical banking services.