BML appoints Stumke as new CEO

Bank of Maldives (BML) has announced the appointment of Karl Stumke as its new Chief Executive Officer.

According to BML, 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 most recently served as CEO of Al Ahli Bank of Kuwait in United Arab Emirates.

Stumke said he was ready to drive the next phase of BML’s strategic direction.

“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,” said Stumke.

He said BML is a fantastic success story, and that he looked forward to being part of that family and its role in supporting Maldives and its citizens.

Stumke 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.

Stumke 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.

He 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.

Stumke replaces Tim Sawyer, whose contract as BML's CEO expired earlier this year.

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