President inaugurates Commercial Bank of Maldives

New bank - Commercial Bank of Maldives (CBM) – set up by Tree Top Investment and Commercial Bank of Ceylon – is now open.

CBM was launched by Maldivian President Abdulla Yameen Abdul Gayoom, in a special ceremony held at Hotel Jen, this Monday morning.

The bank started its business with MVR 150 million in its reserve.

CBM has been open for business since 11 am, with two ATMs and a deposit machine at its headquarters in H. Filigasdhoshuge, Ameer Ahmed Magu, Male’.

The bank will be providing mobile banking, Visa and MasterCard issuance, POS services, as well as personal, housing and business loans.

Tree Top Investment – part-owned by Champa Hussein Afeef – owns 45 percent of CBM, while Commercial Bank of Ceylon – the largest private bank in Sri Lanka – owns 55 percent.

CBM joins Bank of Maldives, Maldives Islamic Bank, Bank of Ceylon, State Bank of India, Habeeb Bank, HSBC and Mauritius Commercial Bank – which operate in Maldives.