Bank of Maldives is the only local bank in Republic of Maldives. There are other banks like State bank of India, Habib Bank, HSBC bank, etc in Maldives, but they do not have more than one branch. I am not sure if there is any restriction to open more than one branch for foreign banks in Maldives. Bank of Maldives has many branches in Male’ the capital of Maldives as well as in remote islands. The bank is fully computerized and provide almost all the banking services needed for the citizens and business establishments in Maldives.
History of Bank of Maldives
Bank of Maldives, shortly called BML commenced its operation on 11th November, 1982 and was inaugurated by the President of Maldives. The bank was started as a joint venture between the Government of Maldives and IFCI bank Dhaka. Now IFCI no longer has any shares of Bank of Maldives, but its now a public limited company with a capital of 36.5 million Maldivian Rufeeya. The bank became public in the year 1993 and still its the same.
Branches of Bank of Maldives
There are three branches in Male’, the capital of Maldives, namely Majeedhi Magu branch, Market branch and the Main branch. It also has a branch at the Male’ International Airport and Villingly, an island nearby Male’. There are a total of 17 branches for Bank of Maldives.
Services of Bank of Maldives
Loans and Advances
Trade and foreign banking
Card centre and electronic banking
Online banking includes, billpay
There are many big business establishment in Maldives and they need the best services. State bank of India was established much before of Bank of Maldives, but the services at SBI needs a lot of improvements. I have not seen any foreigner working in Bank of Maldives, but the service and facilities and excellent. Maldives need good banking service as there are many new resorts coming up in Maldives.
You can visit the official website for Bank of Maldives for more information