BML Working to Open First Overseas Branch in Sri Lanka, Says CEO

The Bank of Maldives (BML) is preparing to open its first overseas branch in neighbouring Sri Lanka, CEO and Managing Director Mohammed Shareef has confirmed.

Speaking to state media, Shareef said the bank has already applied to the Central Bank of Sri Lanka for a licence and is also exploring opportunities to expand into additional countries.

“We have now applied to the Central Bank for a licence to open a branch in Sri Lanka. There are many factors to consider when opening a branch abroad,” Shareef said. He noted that a strong capital base is essential for overseas expansion. BML’s capital currently stands at MVR 16 billion, but Shareef said the requirement will be higher once the bank begins operating internationally.

BML posted a net profit of MVR 2.5 billion after tax last year, a 9.8 per cent increase over the previous year. The bank’s total assets rose to MVR 55.8 billion.

Shareef said the bank’s financial strength and growing customer base have positioned it well for regional expansion. BML now operates 42 branches and 179 self‑service centres across the Maldives, including in all atolls.

He added that the bank’s overseas ambitions are part of a broader strategy to diversify revenue streams and strengthen BML’s role as a national development partner.