Bank Of Maldives is gearing up to expand their business territory with plans to open up a branch in a yet unspecified foreign venue for business.
The national bank's Chief Executive Officer Andrew Healy highlighted on the subject of international expansion, as he said "we have always said our main focus will be on our home country where our growing business volumes and extensive ongoing investment program demonstrate our commitment. However, overseas expansion will bring diversification benefits and will generate revenue to support this investment at home."
While speaking at a luncheon arranged by BML at Hotel Jen on Thursday afternoon, Healy went on to add "we are in the process of applying for a banking license in another Asian country and we are hopeful we will have kick-started operations before the end of this year."
Normally banking corporations will be reviewing locations or destinations where the bank's home country citizens frequent. Likewise Bank Of Maldives expected to follow this traditional business route when they are evaluating a profitable business point to open up their foreign branch. They would also focus on a destination that also has a high frequency of visitors flocking in to Maldives.
The national bank's plan for international expansion comes from the significant growth in their business profit.
At the luncheon, Healy remarked that the "last year has further strengthened our confidence in the Bank's strategic direction." He was referring to the final quarter of 2017, which hit a Profit After Tax at MVR 350 million, which was up 42% on the previous quarter.
The recent direction of the Bank towards "doubling of investment in local communities under 'Aharenge Bank' program had proven success with an estimated 23,000 new customers joining for the bank's service.
