In a significant move toward regional 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 revealed.
Highlighting BML’s growing ambition beyond domestic borders, Shareef, in a recent interview on PSM News’ Raajje Miadhu programme said that the application has been submitted to the Central Bank of Sri Lanka, marking a crucial step in the bank’s international expansion.
““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,” Shareef noted, emphasising the need for strengthened financial standing.
While BML currently holds a capital base of USD 1.04 billion, the bank is preparing to meet higher regulatory standards required for overseas operations. Despite challenges, Shareef expressed confidence in establishing a full-fledged branch.
This expansion effort aligns with BML’s robust domestic growth over the past year. With 42 branches and 179 self-service centres spanning 18 Atolls—including Addu City and Fuvahmulah City—the bank has intensified its nationwide presence by installing ATMs on every inhabited island and launching new branches across the Atolls.
Financially, BML reported a record net profit of USD 162.1 million in 2025, reflecting a 9.8 percent year-on-year increase, while total assets rose to USD 3.6 billion. The bank also achieved a historic milestone by disbursing USD 648.5 million in new loans to individuals, SMEs, corporate clients, and key economic sectors.
Customer trust continues to grow, with over 30,000 new accounts opened last year and a 16 percent rise in deposits, underscoring strong public confidence in BML’s expanding service network.