- Maldives Premier Bank (MPB), the country's ninth commercial bank and fully Maldivian-owned Tier 1 institution, has opened its first branch in Malé.
- MMA Governor Ahmed Munawwar called the establishment challenging and expressed hope MPB would become a major bank within 10 years while maintaining international standards.
- President Dr Mohamed Muizzu launched MPB's digital platforms, including the MPB Plus mobile app and internet banking, at the bank's inaugural corporate gala.
Maldives Premier Bank (MPB), the Maldives’ ninth commercial bank, has opened its first branch in Malé, marking the start of operations for the country’s newest Tier 1 bank.
The bank opened its office at Henveiru Sunleet on Boduthakurufaanu Magu, with Maldives Monetary Authority (MMA) Governor Ahmed Munawwar saying the establishment of the bank had been a challenging process.
Munawwar expressed hope that MPB would develop into a major bank within the next 10 years and said the opening represented only the first step towards achieving that goal. He also highlighted the experience of the bank’s employees and said he believed the team could achieve significant results while maintaining international standards.
MPB Chairperson Ayesha Nurain Janah said extensive work had been carried out with relevant stakeholders over the past year during the pre-approval stage of the bank’s licence. She described the opening as a new beginning and said MPB intended to play an active role in the financial sector rather than simply operate as an independent institution holding a Tier 1 licence.
The bank is fully Maldivian-owned and is headed by Chief Executive Officer and Managing Director Nurhayrah “Arah” Sadava. Its board also includes Independent Directors Mariyam Shahida Mohamed and Raheema Saleem, and Non-Executive Director Sujatha Haleem.
The MMA granted permission to establish MPB as a Tier 1 bank on 19 May 2025. Following the approval, the applicants amended the proposed bank’s name and ownership structure in line with the central bank’s requirements and fulfilled the conditions attached to the approval.
The MMA then issued MPB a commercial banking licence and permission to operate on 18 May 2026. The bank’s services are aimed at individuals, small and medium-sized enterprises and large corporations.
The central bank said MPB’s entry would strengthen the financial sector by increasing competition in the banking industry and improving public access to financial services.
Following the branch opening, President Muizzu launched MPB’s digital banking platforms at the bank’s inaugural corporate gala at Barceló Nasandhura yesterday.
The President launched the bank’s mobile application, MPB Plus, along with its internet banking services.
According to the President’s Office, MPB aims to provide modern financial services tailored to the Maldivian market while creating opportunities for individuals, SMEs and large corporations both domestically and internationally. The bank also plans to strengthen international partnerships and contribute to economic growth.
The launch was attended by Cabinet members, MMA Governor Ahmed Munawwar, Principal Advisor to the President on Trade and Investment and MPB shareholder Mohamed Ali Janah, as well as MPB board members, senior officials, partners and representatives of the Maldivian financial sector.
