BML's new CEO appointed as bank's MD

The Chief Executive Officer of the Bank of Maldives (BML) Mr. Karl Stumke has been appointed as the bank's Managing Director.

The Privatization and Corporatization Board (PCB) appoints board of directors, chairman and managing director of government-owned companies after considering names nominated by the government.

PCB President Asif Ahmed handed over the letter of appointment to Karl at a ceremony held at PCB on Wednesday.

Karl was appointed CEO of BML in the second week of October. He has previously said that he will work with the support and cooperation of the bank's board, executive management and employees to achieve the bank's strategic goals.

"The bank would put its customers at the centre of everything that it does and strive to exceed their expectations through the provision of innovative and value-added products and solutions," Karl was quoted as saying.

"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," Karl said.

Karl was preceded by Tim Sawyer of the UK. Karl brings over 36 years of experience leading Retail and Corporate banks at Executive and Board level 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.