Bank of Maldives (BML) has submitted a license application to the Central Bank of Sri Lanka, taking its first formal step toward opening a branch in the neighboring country.
CEO and Managing Director Mohamed Shareef made the announcement on a state media programme on Tuesday night.
Shareef pointed to the sizeable Maldivian community residing in Sri Lanka as a key driver behind the move. He also signaled broader ambitions, confirming that BML is actively exploring branch openings in other countries beyond Sri Lanka.
Domestically, BML already operates an extensive network. The bank runs 42 branches and 179 self-service centers across 18 atolls, with additional presence in Addu City and Fuvahmulah City.
However, Shareef acknowledged that expanding beyond the Maldives brings considerable complexity. Establishing a branch in a foreign country requires navigating multiple regulatory and operational factors. He also stressed that BML must maintain a strong capital base throughout any expansion.
The Sri Lanka application marks a significant milestone for BML. It represents the bank’s first known move toward international operations, reflecting its broader strategy to grow services for Maldivians both at home and abroad.