BML to appoint new CEO

Bank of Maldives (BML) will be appointing Mr. Karl Stumke as its new Chief Executive Officer.

Karl brings over 36 years of experience leading Retail and Corporate banks at Executive and Board levels in the Middle East, Africa, Indian Oceans, 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.

Karl said he was delighted to take on the leadership of BML and drive the next phase of its strategic direction with the continued support from BML's Board, executive management, and staff. He added that the bank would put its customers at the center of its operations and strive to exceed their expectations through the provision of innovative and value-added products and solutions.

"BML is a fantastic success story, and I look forward to being part of that family and its role in supporting the Republic of Maldives and its citizens,” he said.

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.