Bank of Maldives (BML) will open a branch abroad within the next 18 months, the bank's Managing Director Karl Stumke has said.
Speaking at a function held at Crossroads Maldives to celebrate BML's 40th anniversary, he said the bank has set additional targets to be achieved before the company turns 50. He added that the company is working to expand its services abroad.
While BML has not disclosed where they will open their foreign branch, it is likely an Asian country.
According to Karl, the bank aims to provide it's services in at least two foreign countries in the next 10 years. He also said the company targets to increase its revenue to MVR 25 billion by 2032.
"There needs to be more awareness about Maldives and BML in foreign countries. This will enable the bank to expand its revenue opportunities while also attracting foreign exchange," he said.
Karl said the bank is giving special priority to strengthening the digital tools used to expand the banking sector. He said BML currently has 63 million mobile banking logins, the number growing rapidly.
"The bank has already carried out 7.8 million transactions at its ATMs, 7 million transactions through internet banking and 3.5 million transactions through POS," he said.
BML serves 350,000 customers across the Maldives.
At yesterday's function, special awards were presented to those who were involved in the establishment of BML and to long-serving employees of the bank.
A special award was also presented to the then President Maumoon Abdul Gayoom, who played a vital role in the establishment of the firm.
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