The Bank of Maldives (BML) is taking a major step toward regional growth, having formally submitted an application to establish a branch in Sri Lanka, according to CEO and Managing Director Mohamed Shareef.
Speaking in a recent interview on PSM News’ Raajje Miadhu programme, Shareef said the application has been lodged with the Central Bank of Sri Lanka, marking a key milestone in BML’s plans to expand beyond the Maldives.
He acknowledged that entering foreign markets comes with stringent capital requirements, noting that while setting up a representative office would be easier, BML is confident in its ability to meet the criteria needed to operate a full-service branch.
With a current capital base of USD 1.04 billion, the bank is working to align itself with higher regulatory standards required for international operations. Despite the challenges, Shareef expressed optimism about successfully establishing a presence in Sri Lanka.
The move follows a year of strong domestic performance for BML. The bank has expanded its footprint across the Maldives, operating 42 branches and 179 self-service centres across 18 atolls, including Addu City and Fuvahmulah City. It has also ensured ATM access on every inhabited island while continuing to roll out new branches.
In 2025, BML recorded a net profit of USD 162.1 million, reflecting a 9.8 percent increase compared to the previous year. Total assets climbed to USD 3.6 billion, while new loan disbursements reached USD 648.5 million across individuals, SMEs, corporates, and key sectors of the economy.
Customer confidence remains strong, with more than 30,000 new accounts opened last year and deposits increasing by 16 percent, highlighting continued trust in the bank’s growing network and services.
