Bank of Maldives has appointed a new Managing Director.

In an announcement on Tuesday, the country’s national bank revealed that they have appointed their current Chief Executive Officer, Karl Stumke as the new Managing Director of the bank.

Stumke was appointed CEO of BML on 23 October 2022.

The government appointed him to the Board of Directors on 10 January 2023.

The decision was reached during the board meeting held following the bank’s Extraordinary General Meeting.

Stumke has more than 36 years of executive and board-level experience in retail and corporate banks in the Middle East, Africa, countries of the Indian Ocean as well as the United Kingdom.

Prior to joining BML, Stumke served as the CEO of Al-Ahli Bank of Kuwait in the United Arab Emirates (UAE).

Since joining Al-Ahli Bank of Kuwait back in 2010, Stumke oversaw a wide range of corporate portfolios as the General Manager of International Banking.

In 2017, he took over as the CEO of the bank’s operations in UAE.

Prior to joining Al-Ahli Bank of Kuwait, Stumke served as the Regional Corporate Director at the Bank Muscat International in Bahrain.

As the Regional Corporate Director at the Bank Muscat International in Bahrain, he oversaw the corporate, commercial, SME and Islamic banking services at the bank.

Further, Stumke also served as the Regional Managing Director of Indian Oceans at the Barclays Bank Mauritius.