Four members were appointed yesterday to the board of the Development Bank of Maldives (DBM), marking the first time board appointments have been made for the institution.

The Privatization and Corporatization Board (PCB) announced today that the appointments were made in accordance with the Law on Privatization, Corporatization, and the Monitoring and Evaluation of State-Owned Enterprises.

The newly appointed board members are:

• Hassan Miraas, M. Maafuna, Malé • Ahmed Azyan Hameed, M. Lansimooge, Malé • Maeesha Ibrahim, Thikureeth, Dh. Kudahuvadhoo • Azmeen Rasheed, Chabeyleevila, GDh. Rathafandhoo

President Dr. Mohamed Muizzu established the Development Bank of Maldives Limited on May 16 last year, with 100% government ownership. The bank operates under this state-owned company structure.

When the bank was inaugurated, British national Noel Gregor Patterson-Jones was appointed as its Managing Director and CEO. However, he resigned from the position in March this year.