Bank of Maldives (BML) has applied to the Central Bank of Sri Lanka for a license to establish a branch in the country, according to BML's CEO and Managing Director, Mohamed Shareef.

Speaking on PSM’s "Raajje Miadhu" program tonight, Shareef stated that a bank's capital must be robust when expanding with branches abroad.

"Capital requirements in foreign countries are quite substantial. While a representative office is an option, we believe we are in a position to open a full branch in Sri Lanka. Therefore, we have requested a license and submitted our proposals," Shareef explained.

Shareef further noted that BML's current capital stands at MVR 16 billion.

In its efforts to expand services, BML has established ATMs on every inhabited island in the Maldives. The bank currently operates 42 branches and 179 self-service banking centers, in addition to its presence in Addu City and Fuvahmulah.