ComBank of Maldives opens second branch in Hulhumalé

The Commercial Bank of Maldives (CBM), a subsidiary of the Commercial Bank of Ceylon PLC, recently opened its second branch in the Maldives, a little over a year since it commenced operations in the archipelago. The new branch is located in Hulhumalé, the reclaimed island that is connected by road to the airport island of Hulhulé, which is part of the North Malé atoll.

It was formally declared open by the Governor of the Maldives Monetary Authority Ahmed Naseer in the presence of members of the senior executive team of the Authority and the Board of Directors of CBM.

Commercial Bank of Maldives commenced operations on 26th September 2016. Commercial Bank of Ceylon holds a majority stake of 55 percent, in the bank, which is following a strategy of providing access to its services through the integration of modern technology and infrastructure to serve the growing consumer and business needs in the market. CBM has said it aims to be the most technologically advanced, innovative, customer friendly and most sought-after financial services organisation in the Maldives.

Tree Top Investments, the Maldivian partner in the joint venture with a stake of 45 percent, was founded in May 2013 by a group of successful shareholders in the Maldives, each with years of experience and success stories from diverse business sectors.  

The company’s aim was to invest in diverse sectors such as hotels and resorts, financial services, food and beverage, construction, real estate, retail and wholesale, transportation, energy and engineering and healthcare utilising the extensive expertise of the partner shareholders to traverse the boundaries between, consolidate sectors, and generate an admirable portfolio of investments and a robust business model.