Bank of Maldives (BML) has announced plans to establish an overseas division in an attempt to expand its services.
Speaking to the media, Chief Executive Officer of BML Andrew Healy stated that the main focus of 2018 is to establish an overseas division to ensure the commitment of the bank to enhance and expand its services.
The overseas expansion will bring diversification benefits and will generate revenue to support the investments in Maldives, Andrew Healy said addressing the subject of international expansion of the bank. Andrew emphasised that BML would continue to re-invest its profits in local communities. The bank is in the process of applying for a banking license in another Asian country, according to the national bank of Maldives.
BML finished last year with a positive final quarter as profit after tax was at USD 22.7 million which is a 42% increment compared to the previous quarter. BML accredits the achievement to solid business growth across all key business lines and robust loan book quality. Furthermore, almost 23,000 new customers joined BML in 2017.