Bank of Maldives (BML) has decided to appoint Karl Stumke as their new Chief Executive Officer.

In a press release, the bank noted that Karl brings over 36 years of experience leading Retail and Corporate banks at the Executive and Board level in the Middle East, Africa, the Indian Ocean, and the United Kingdom.

He was previously CEO of Al Ahli Bank of Kuwait in United Arab Emirates.

Karl joined Al Ahli Bank of Kuwait as the General Manager of its International Banking division in 2010 where he oversaw a wide corporate portfolio before being appointed as CEO of their UAE operations in 2017.

Prior to joining Al Ahli Bank of Kuwait, Karl held the position of Regional Corporate Director at Bank Muscat International Bank in Bahrain and was responsible for its Corporate, Commercial, SME, and Islamic banking propositions. Karl was also the Regional

Managing Director, Indian Oceans at Barclays Bank Mauritius.

“I am absolutely delighted to take on the leadership of BML and with the continued support from the Board, executive management, and staff, to drive the next phase of its strategic direction. We will put our customers at the center of everything that we do and strive to exceed their expectations through the provision of innovative and value-added products and solutions," Karl said.

He further added that BML is a fantastic success story noting that he looks forward to being part of that family and its role in supporting the Maldives and its citizens.

Karl has held Executive Directorships at Barclays Bank Tanzania as well as non-Executive Directorships in various institutions including Money on Demand, Barclays Leasing, and Barclays Bank Seychelles.

Karl is an Associate of the Chartered Institute of Bankers (South Africa), holds a Bachelor’s Degree in Accounting Science from the University of South Africa and has completed executive programs in France, Switzerland and South Africa.