BML started its operation on 11 November 1982, as a joint venture bank with 60% of its shares held by the Government of Maldives, including its agencies and Maldivian companies, and 40% of the shares owned by the International Finance Investment Company Limited (later IFIC Bank Limited), Dhaka, Bangladesh.
Today the bank is the largest bank and leading financial institution in Maldives and has issued over 30% of share to public while 50% remaining in government and other government owned companies. The bank has the largest physical presence across Maldives, with 35 branches in atolls and 128 Automated Teller Machines (ATM) and 67 Self Service Banking Centres of the bank across Maldives together over 2000 mobile ‘Dhoni banking’ trips in the outer island to provided banking services.
As such, bank is also the largest employer in the banking sector with over 950 staff (1/3 in atolls) and almost 97% being Maldivian.
The Bank recorded a Net Profit of MVR 1 billion in 2019, however, due to the impact of COVID-19 pandemic, Profit was reduced to MVR 325 million in 2020.