BML applies for licence to open branch in Sri Lanka
He said several factors are considered when opening a branch outside the country, including capital requirements and regulatory conditions.
Top Stories
The Bank of Maldives (BML) has applied for a licence to open a branch in Sri Lanka, according to Chief Executive Officer and Managing Director Mohamed Shareef.
Speaking on PSM’s ‘Raajje Miadhu’ programme on Tuesday, Shareef said the application has been submitted to the central bank.
“Now we have applied for a licence to open a branch in Sri Lanka and submitted it to the central bank,” he said.
Shareef noted that the bank had previously discussed plans to establish a branch abroad during its annual general meetings.
He said several factors are considered when opening a branch outside the country, including capital requirements and regulatory conditions.
“There are many factors to consider when opening a branch abroad. If we are looking to move into larger financial centres, the capital requirement will be high,” he said.
Shareef added that the bank’s capital has increased in recent years and that it currently holds shareholders’ reserves of MVR 16 billion.
“In larger markets, capital requirements are higher. In some cases, a representative office may be considered. However, we have applied for a branch licence as we believe we can establish a branch. We have submitted feasibility studies and proposals,” he said.
He did not specify a timeline for the opening of the proposed branch.
