Maldives Premier Bank (MPB) has opened its first branch.
Speaking at the inaugration ceremony, Maldives Monetary Authority (MMA) Governor Ahmed Munawwar said turning such a vision into reality was a very challenging task. He said the bank must work towards becoming the most popular and highest-quality bank. Munawwar also said he was proud that MPB was the first bank he had inaugurated as governor.
The governor expressed hope that within the next 10 years, MPB would grow into a major bank.
“People can dream about things, but simply dreaming alone will not achieve anything. It can only be achieved by starting to work towards it in practice,” Governor Munawwar said.
The governor said that although the bank had been inaugurated today, this was only a very small first step. He noted that the bank had highly experienced and capable employees and said he believed many achievements could be accomplished with a team of international standards.
Speaking at the ceremony, MPB Chairperson Ayesha Nurain Janah said extensive work had been carried out with relevant stakeholders over the past year during the pre-approval stage of the bank’s licence. She described the opening as a new beginning.
“Our vision is not simply to exist as an independent financial institution or as a bank holding a ‘Tier 1’ licence. While we are proud of that, we believe we are an important participant in the financial sector,” MPB Chairperson Nurain Janah said.
MPB is the Maldives’ ninth commercial bank. The bank’s office, opened today, is located at Henveiru Sunleet, Boduthakurufaanu Magu.
MPB’s board of directors includes several women. They are Chairperson Ayesha Nurain Janah; Chief Executive Officer and Managing Director Nurhayrah "Arah" Sadava; Independent Director Mariyam Shahida Mohamed; Independent Director Raheema Saleem; and Non-Executive Director Sujatha Haleem.
The MMA granted MPB a licence to conduct commercial banking business in the Maldives in May this year. The bank’s services are tailored to individuals, businesses and large corporations.
On 19 May last year, the MMA granted the bank permission to establish a ‘Tier 1’ bank. Following this approval, the applicants made changes requested by the MMA to the bank’s name and ownership structure and fulfilled the conditions set by the authority. The MMA subsequently issued the licence to conduct commercial banking business and permission to operate the bank on 18 May.
The MMA said granting the licence would help further strengthen the Maldives’ financial sector. It said the move would increase competition in the banking industry and make financial services more accessible to the public.