Commercial Bank of Maldives becomes the first privately owned bank in Maldives


With a capital consisting over 150 million Rufiya, Commercial Bank of Maldives (CBM) was inaugurated today.

Infamous businessman Champa Hussain Afeef is a stakeholder Treetop Investment whom along with a partnership with Srilankan Commercial Bank, was inaugurated by his Excellency President Yameen Abdul Gayyoom at the function held at Hotel Jen this morning.

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Addressing the attendees at the function, CEO of Treetop Investments, Laas Petre’, stated that he hopes that CBM will play an important role in the development of the Maldivian economy. The bank hopes to take part in the digital revolution of the country as well by digitizing their procedures accordingly as well, he added.

CBM has opened their doors at 11 am today with two ATMs and a deposit machine. They hope to expand soon with the introduction of mobile banking and issuing if MasterCard and American Express cards respectively. Moreover, they have planned to place POS machines at various business retailers as well. In addition to these services they have planned to give out personal loans, business development loans and housing loans as well.

Commercial Bank of Maldives is the second bank opened in the country over the past 6 years and is located at H.Filigasdhoshuge, Ameer Ahmed Magu. Prior to CBM Maldives Islamic Bank (MIB) opened 6 years ago back in 2011.

Treetop investments have a 45% share in the bank with the rest being owned by the largest private bank in Sri Lanka.


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