BML applies for license to open branch in Sri Lanka

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.