Bank of Maldives PLC
Bank of Maldives Plc was inaugurated on November 11, 1982 by the President His Excellency Maumoon Abdul Gayoom. It started commercial operation as a joint venture bank with 60% shares held by the Government of the Maldives (including its Agencies and Maldivian Companies) and 40% shares owned by International Finance Investment Company Limited (later IFIC Bank Limited), Dhaka, Bangladesh, respectively. From the inception of the Bank, until 31st December 1992, under a Management Contract with IFIC Bank Ltd, the Bank was managed by IFIC Bank Limited. Under this contract IFIC was to bring in professionals to run the Bank and lay a sound foundation for the Bank, and they were paid 10% of the Bank’s profit.
During the tenth year of the Bank, the Government of Maldives decided not to renew the Management Contract with IFIC Bank Ltd and to re-structure the Bank of Maldives and hence requested the IFIC Bank Ltd to reduce the share holding and also the number of representation in the Board. Consequently IFIC Bank Ltd decided to dispose off its entire shares in the Bank of Maldives and terminate its relations with the Bank with the expiry of the Management Contract on December 31, 1992. On 14 November 1992, Government of Maldives purchased 40 per cent shares held by IFIC Bank Ltd. As a result, 80 per cent of the share capital of the Bank of Maldives was owned by the Government while the remaining 20 per cent of the share capital was sold equally to the State Trading Organization and Maldives Transport and Contracting Company respectively.
In December 1992, the Government decided, to sell Bank’s shares to the general public, with a view to expand the Bank’s capital.
From January 1, 1993, Bank of Maldives Plc has become, and since then remained, a bank fully owned by the people and the Government of the Maldives.
The Bank of Maldives Plc issued shares during 1993, 1994, 1995, 1996, 1997 and 1998. As a result of these share issues, the paid up capital has risen from Rf 5 million in 1992 to Rf 36.5 million in 1998. As no shares were issued since 1998, the paid up capital of the Bank by the end of 200 3 remained at Rf 36.5 million.
The main business of the Bank is retail banking. In addition to handling development banking activities in all the atolls of the Republic, Bank of Maldives Plc extends a variety of modern banking services on line, in a fully computerized environment and is proud to serve the nation as the leading bank in the Maldives.
Presently the Bank of Maldives Plc has 17 branches. Three out of seventeen branches are in Male', the capital, one in Male' International Airport (Hulhule' Island) and one is in Villingili ward, the fifth ward of Male’. The other twelve branches are distributed amongst the atolls of the country, each with a designated command area. Hence, the Bank of Maldives Plc is able to serve the whole nation. The sequence of opening the Bank of Maldives Plc offices shows the growth of the horizontal expansion of the Bank.
On 29 December 1997, H.E. President Maumoon Abdul Gayoom laid the foundation stone of the 8-storey Bank of Maldives Building on Boduthakurufaanu Magu, and it was declared open by the President on 27 January 2000. The same day, His Excellency the President inaugurated the Bank’s Automated Teller Machine service, the first of its kind in the country.
Bank of Maldives Plc through its Development Banking activity is the implementing agency of the Atolls Credit and Development Banking Project (ACDBP), which covers the Northern and Central Atolls from Haa Alifu to Laamu Atoll and the Southern Atolls Development Project (SADP) which covers the four southernmost atolls namely Gaafu Alifu, Gaafu Dhaalu, Gnaviyani and Seenu Atolls. The first project was financed by long-term borrowings from the International Fund for Agricultural Development (IFAD) and the second project was financed by long-term borrowings from the International Fund for Agricultural Development (IFAD) and Organization of Petroleum Exporting Countries (OPEC) through the Government of Maldives.
Atolls Credit and Development Banking Project (ACDBP) branches
| Name of the Branch | Atolls Covered | No of Islands | Population (Census 2000) |
Dhidhdhoo Branch, H.A.Dhidhdhoo |
Haa Alifu Atoll | 16 | 14,161 |
Kulhudhuffushi Branch |
Haa Dhaalu Atoll | 32 | 28,362 |
H.Dh.Kulhudhuffushi |
Shaviyani Atoll | ||
Ungoofaaru Branch, R.Ungoofaaru |
Raa Atoll | 15 | 14,486 |
Naifaru Branch, Lh.Naifaru |
Noonu Atoll | 27 | 29,426 |
| Baa Atoll | |||
| Lhaviyani Atoll | |||
Muli Branch, M.Muli |
Vaavu Atoll | 27 | 15,731 |
| Meemu Atoll | |||
| Faafu Atoll | |||
| Dhaalu Atoll | |||
Fonadhoo Branch, L.Fonadhoo |
Thaa Atoll | 25 | 20,893 |
| Laamu Atoll |
In addition to these branches, Development Banking Cell in Male’ provides development banking services to the three central atolls of Kaafu, Alifu Alifu and Alifu Dhaalu Atolls covering 26 islands and a total population of 26,795 (Census 2000).
Southern Atolls Development Project (SADP) branches
| Name of the Branch | Atolls Covered | No of Islands | Population (Census 2000) |
Villingilli Branch, G.A.Villingili |
Gaafu Alifu Atoll | 10 | 8,249 |
Thinadhoo Branch, G.Dh.Thinadhoo |
Gaafu Dhaalu Atoll | 10 | 11,886 |
Fuvahmulaku Branch, Gn.Fuvahmulah |
Gnaviyani Atoll | 1 | 7,528 |
Hulhumeedhoo Branch, S.Meedhoo |
Seenu Atoll | 2 | 3,120 |
Hithadhoo Branch, S.Hithadhoo |
Seenu Atoll | 1 | 9,461 |
Gan Branch, S.Gan |
Seenu Atoll | 3 | 5,934 |