The Commercial Bank of Maldives (CBM) was inaugurated on Monday with a capital of MVR 150 million.
President Abdulla Yameen Abdul Gayoom inaugurated the bank at a ceremony held at Hotel Jen in capital Male. CBM is founded collaboratively by Sri Lanka’s Commercial Bank of Ceylon and its Maldivian partner Tree Top Investments of which local business tycoon Champa Hussain Afeef is a shareholder.
Speaking at the ceremony, Tree Top Investments’ chairman Lars Petre expressed hopes that CBM will play a major role in the Maldives’ economy and stated that the new bank will actively shape the banking sector to conform with the archipelago’s ongoing transition to a digital economy.
CBM officially opened at 11:00 a.m. Monday morning and commenced all banking services in addition to two ATMs and a cash deposit machine. The bank will also launch mobile banking, Visa and MasterCard services, as well as establish credit card terminals at business regions. Moreover, CBM is also set to offer housing loans, private loans and business loans in the future.
CBM is the second bank to be opened in the Maldives over the past six years. The last bank opened was Maldives Islamic Bank (MIB) in 2011.
Tree Top Investments owns 45 percent of CBM while Commercial Bank of Ceylon controls 55 percent of its shares.
Currently, the banks operated in the Maldives are Bank of Maldives Ltd (BML), MIB, Bank of Ceylon, State Bank of India, Habib Bank, HSBC and Mauritius Commercial Bank.