The Bank of Maldives (BML) has requested a permit to establish a branch in nearby Sri Lanka, which hosts one of the largest communities of Maldivians living abroad, as stated by the bank's CEO and Managing Director, Mohamed Shareef.

The BML operates 42 branches throughout the 20 atolls of the Maldives, along with 267 ATMs and modern digital banking services.

During an appearance on the ‘Raajje Miadhu’ show by Public Service Media (PSM) on Tuesday night, Shareef mentioned that BML is aiming to extend its branches outside the Maldives.

He mentioned that the bank has already requested a license from the Central Bank of Sri Lanka to establish a branch in the nearby country.

“We have submitted an application to the central bank for permission to establish a branch in Sri Lanka." "However, there are numerous factors to take into account when establishing a bank branch abroad," he stated.

Shareef stated that BML's capital stands at MVR 16 billion, but it must increase further to establish international branches.

"The capital demand from foreign nations is quite substantial, isn't it?" There could be a location similar to a representative office. We submitted an application for a license as we think we can establish a branch in Sri Lanka. "We have put forward proposals," he stated.

The BML concentrated last year on nationwide growth, setting up branches in every atoll and ATMs on all inhabited islands.