On 23rd May 1982, Bank of Maldives was registered (Company Registry No. C-22/1982) with Ministry of Home Affairs as a company. On 10 November 1982 BML was registered at Maldives Monetary Authority and was given license to provide banking business in the Maldives.
Bank of Maldives Plc was inaugurated on November 11, 1982 and 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. Until 31st December 1992, the Bank was managed by the professionals of IFIC Bank Limited and they were paid 10% of the Bank’s profit.
During the tenth year of the Bank, the Government of Maldives decided to re-structure the Bank of Maldives as such 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, 1998 and 2007. In 2007, Memorandum and Articles of Association of the bank was revised, shares were split and bonus shares were given to the existing shareholders. As a result the authorised caiptal of the bank was increased from Rf 300 million to Rf 800 million. The face value of BML shares stand at Rf 50/-.
Presently the Bank of Maldives Plc has 25 branches.Three out of 25 branches are in Male', the capital, 01 in Male' International Airport (Hulhule' Island) and 01 each in both Villingili ward and Hulhumale'. The other 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.