MFLC, BIC Bank issued pre-operational licences to set up banks
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The Maldives Monetary Authority (MMA) has issued pre-operational licences to Maldives Finance and Leasing Company (MFLC) and BIC Bank Maldives Pvt Ltd to operate as Tier 1 banks in the country.
The two licences were granted on the 19th of this month. With the approval, both institutions are required to complete regulatory requirements set by the MMA before commencing banking operations.
MFLC has been approved to convert into a Tier 1 bank under the name Maldives Finance and Leasing Bank. BIC Bank Maldives Pvt Ltd has been granted permission to establish a Tier 1 bank under the name BIC Bank Maldives.
According to the MMA, the issuance of these permits is part of broader efforts to expand banking services, enhance competitiveness, and contribute to the development of the financial sector.
With the addition of these two banks, the Maldives banking sector is set to grow beyond the existing seven licensed banks currently in operation. These are:
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Bank of Maldives (BML)
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Maldives Islamic Bank (MIB)
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State Bank of India (SBI)
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Habib Bank Limited (HBL)
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Bank of Ceylon (BOC)
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Mauritius Commercial Bank (MCB)
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Commercial Bank of Maldives (CBM)
