The banking sector in Maldives comprises 8 banks, including 3 local banks, 1 subsidiary of a foreign bank and branches of foreign banks. Regulation of the banking sector is overseen by the central bank of Maldives, the Maldives Monetary Authority (MMA).
Banks Operating in Maldives
- Bank of Maldives (BML): Established in 1982, BML is a public limited company with majority ownership held by the Government of Maldives.
- Maldives Islamic Bank (MIB): Established in 2011 as a shariah compliant bank, MIB is a public limited company with majority ownership held by Islamic Corporation for Development (ICD) and the Government of Maldives.
- Commercial Bank of Maldives (CBM): Established in 2016, CBM is a private limited company owned by a local company and Commercial Bank of Ceylon Plc.
- Bank of Ceylon (BOC): Established in 1981 as a foreign bank branch.
- State Bank of India (SBI): Established in 1974 as a foreign bank branch.
- Habib Bank Limited (HBL): Established in 1976 as a foreign bank branch.
- Hong Kong Shanghai Banking Corporation Ltd (HSBC): Established in 2002 as a foreign bank branch.
- Mauritius Commercial Bank Maldives (MCB): Initially established in 2008 as a foreign bank branch, in 2010 MCB was converted to a fully owned subsidiary of the Mauritius Commercial Bank.
Key Services
All banks offer corporate banking services to cater for day-to-day business operations. Corporate finance services such as trade finance and credit facilities may vary across the banks. Typically, current accounts can be maintained in Maldivian Rufiyaa and United States Dollars. Minimum deposit requirements for opening a current account may vary across the banks. For detailed information on corporate banking services, rates, fee-based services, and processes, it is advisable to inquire directly with the bank of your choice.
To open a corporate banking account, banks typically require the following documents.
- completed account opening form
- completed KYC forms on shareholders and/or Directors
- board resolution authorizing the account opening and signatories (in the format prescribed by the bank)
- company’s Certificate of Registration
- company’s Articles of Association and Memorandum of Association
- identity card or passport copies of the Directors and signatories
- bank reference for directors/shareholders in cases where they are not known to the bank (for foreign banks)
When opening a corporate bank account, signatories may be required to be physically present. It is advisable to consult with your chosen bank so that you can arrange for your presence during the account opening process.