The Maldives banking sector consists of three local banks; the Bank of Maldives Plc, Maldives Islamic Bank Plc, and Commercial Bank of Maldives. The rest of the five banks are branches of foreign banks.
There is government ownership in both BML and MIB, which are both publicly listed companies as well.
There are altogether 52 branches, and 165 ATM’s in the country. All the eight banks combined hold a total MVR 52 billion in deposits as at end December 2021. Outstanding Loans of all the banks stand at MVR 28.7 billion during the same period.