Noel Gregor Paterson-Jones, the Managing Director and CEO of the Maldives Development Bank (DBM), resigned before the bank became operational.
The Privatization and Corporatization Board (PCB) said in a post on X that the CEO and MD of DBM had submitted his resignation.
Noel was appointed to the position in August 2024. Noel, a British citizen, completed his degree from the University of Cape Town in South Africa and his Masters from Oxford University. He is an experienced banker with 28 years of experience in the banking industry.
Maldives Monetary Authority (MMA) issued the license to operate DBM on October 13. The license was issued on condition that banking services be provided within a year.
Economic Minister Mohamed Saeed said the bank was inaugurated on November 16, to mark the one-year anniversary of President Dr. Mohamed Muizzu's government, without plans to begin service immediately.
In a post on X, Saeed said DBM would be formed in three phases and that the first phase of institutional setup was progressing on schedule.
"The DBM’s business model prioritizes institutional investors and large-scale infrastructure projects, with plans to introduce retail services at a later phase. This phased approach is aligned with broader efforts to stabilize and strengthen the economy," he wrote.
The government says it had to introduce a development bank into the banking system because the existing banking system does not have enough space to bring about the development that the people want. The establishment of the bank will facilitate the provision of loans and funds for development.
