Maldives Monetary Authory (MMA) has given permission to Commercial Bank of Maldives Private Limited to open business in Maldives.
45 percent of the shareholders of the bank are shareholders of Tree Top – including members of the famous Champa family.
The majority shareholder of the company – with 55 percent of the shares – is Commercial Bank of Ceylon.
MMA said that the bank would provide all services provided by a commercial bank, and that the bank would be established and open for business by September 15.
MMA described the new bank as one more step to increase efficiency and competitiveness of commercial banking in the country.