History
Its operation began as a joint venture company of the Government of the Maldives and International Finance Investment Company, IFIC. Until December 31, 1992, the Bank was managed by IFIC Bank Limited.
During the tenth year of the Bank, the Government of Maldives decided not to renew the Management Contract with IFIC. IFIC Bank was requested, by the Maldivian government, to reduce the shareholding and also the number of representatives in the Board. Consequently IFIC decided to dispose of its entire shares and terminate its relations with the Bank with the expiry of the Management Contract on December 31, 1992. On November 14, 1992, the Maldivian government purchased 40% of the shares held by IFIC Bank Ltd. As a result, 80% of the share capital was owned by the Government, while the remaining 20% of the share capital was sold equally to the State Trading Organization and Maldives Transport and Contracting Company respectively.
In December 1992, the Government decided to sell the Bank's shares to the general public. With this decision, Bank of Maldives became a public company on January 1, 1993. It is now owned by the people and the Government of the Maldives.
Read more about this topic: Bank Of Maldives
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