MMA issues permits to establish two new banks

Central bank Maldives Monetary Authority (MMA) has issued pre-operational permits for providing banking services to two parties.

MMA said that a pre-operational permit was issued on May 19 to Maldives Finance and Leasing Company (MFLC) to change their name to Maldives Finance and Leasing Bank and to operate a bank named Bic bank Maldives Pvt Ltd.

Both were issued permits to operate Tier 1 banks.

MMA said that once the two meet the necessary preconditions, they will be issued permits to provide banking services in Maldives.

MMA said that this would contribute towards expanding financial services, creating healthy competition and long term development of the Maldives' financial sector.