BML announces EGM to change board

The Bank of Maldives (BML) has announced its shareholders’ extraordinary general meeting in September to change the bank’s board of directors.

BML said it has scheduled the meeting since the Ministry of Finance instructed for it on August 24^th.

The extraordinary general meeting (EGM) is scheduled for September 21^st, with the change in its board members as the top item on agenda.

While the bank has announced an EGM to change directors of the board, BML’s Deputy CEO Aishath Noordeen was recently dismissed from the board as well. Though Privatization and Corporatization Board (PCB) had informed Noordeen of her termination, she had tendered her resignation.

Recently, the bank announced suspension of foreign transactions on existing and new debit cards, and new credit cards. The bank also dropped the monthly foreign transaction limit on existing Standard and Gold credit cards to USD 100 as well.

However, following widespread backlash and on the instructions of the Maldives Monetary Authority (MMA), the bank reversed its decision on the same day.

Later, at a press conference held by the government, ministers noted the bank’s decision was against President Dr. Mohamed Muizzu’s instructions.