Non-operational Development Bank seeks 10 managerial posts
According to a notice published in the government gazette by the Development Bank, the institution is seeking to recruit 10 managers, two Front Office Executives, and one Marketing Executive. Applications for these positions are required to be submitted before 5pm on December 22.
The president inaugurates the Development Bank of Maldives (file photo)
The Development Bank of Maldives, established by President Dr. Mohamed Muizzu, has announced vacancies for 13 positions, including 10 managerial posts, despite the bank having not commenced any operations or services to date.
According to a notice published in the government gazette by the Development Bank, the institution is seeking to recruit 10 managers, two Front Office Executives, and one Marketing Executive. Applications for these positions are required to be submitted before 5pm on December 22.
In addition to this, the bank is advertising vacancies for an Internal Audit Manager, a Legal Manager, a Credit and Risk Manager, an HR and Administrative Manager, an IT Manager, two Compliance Managers, and three Finance Managers. Monthly salaries for managerial-level positions range between MVR 35,000 and MVR 45,000, while executive-level positions carry salaries ranging from MVR 20,000 to MVR 30,000.
Development Bank of Maldives Limited was established as a fully government-owned company on 16 May 2024. The establishment of the bank was carried out under the authority granted to the President under Article 15 of Law No. 2023/7, the Companies Act.
The Maldives Monetary Authority (MMA) granted a license to the Development Bank on Sunday, 13 October 2024. While Economic Minister Mohamed Saeed has stated that the bank would begin operations, the specific date for the commencement of its services has yet to be disclosed.
Information obtained under the Right to Information Act shows that the bank incurred expenses totaling MVR 11,998,267 from the date of its establishment until the end of August this year.
It is also notable that Noel Gregor Paterson-Jones, a British national, was appointed as the Managing Director and Chief Executive Officer of the Development Bank at the time of its inauguration. He resigned from the position last March and subsequently lodged a complaint alleging that his salary had not been paid during his tenure.
