News Desk
Maldives Premier Bank (MPB) officially opened for business Monday night, stepping into the market as the country’s ninth commercial bank.
President Dr. Mohamed Muizzu launched the 100 percent Maldivian-owned bank during a special ceremony at Barceló Nasandhura, alongside its mobile app and internet banking portal. The bank’s main branch at H. Sunleet in Malé also opened its doors.
Speaking at the launch, Maldives Monetary Authority (MMA) Governor Ahmed Munawar laid out a clear target for the financial sector: the central bank wants Maldivians holding at least 80 percent of senior management roles within five years.
Currently, foreign workers hold roughly 40 percent of management positions across local banks.
“Our vision over the next five years is to bring that foreign percentage down to 20 percent or less, ensuring more than 80 percent of management roles are run by Maldivians,” Munawar said.
To help push locals into top management, the central bank signed an agreement with the Asian Institute of Chartered Bankers (AICB) and plans to set up a dedicated Human Capacity Development Fund next year in partnership with local banks.
Munawar pointed out that banking in the Maldives remains a lucrative business, bringing in MVR 5.15 billion in pre-tax profits in 2025 alone. However, around MVR 3 billion ($200 million) in bank profits left the country over the last five years. Strengthening local banks and getting more Maldivians to invest in the sector is key to keeping those funds inside the local economy, he added.
MPB Chairperson Aishath Noorain Janah described the launch as the result of long, hard work.
“This is just the beginning,” Noorain said, adding that the bank’s main focus is to drive wider economic progress. During the ceremony, the bank handed out plaques to its technical partners.
MMA originally granted conditional approval for the Tier-1 bank on May 19, 2025. After the bank met regulatory requirements and finalized changes to its name and ownership structure, the central bank issued its full commercial banking license and operating permit on May 19, 2026.
