Bank of Maldives today announced the appointment of current CEO Karl Stumke as the new Managing Director.
Karl joined the Bank as CEO on 23rd October 2022 and was appointed by the government to the Board of Directors today. The decision was made during the Board meeting held following the Extraordinary General Meeting.
Karl Stumke brings over 36 years of experience leading Retail and Corporate banks at the Executive and Board levels 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.
He 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.
Karl 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.