President Mohamed Muizzu has dismissed rumours suggesting that the government is planning to sell shares of the state-owned Development Bank of Maldives (DBM) to the global banking giant JPMorgan.
Responding to a journalist's inquiry at a press conference held at the President's Office, Muizzu characterized the claims as "gossip" and assured that there was no truth to the allegations.
"The rumours regarding the Development Bank of Maldives are untrue. The claims linking it to JPMorgan are also baseless," he said.
Muizzu established the DBM to secure funding for development and green projects through a syndicated financing model, while reducing the outflow of foreign currency from the Maldivian banking system.
The state-funded institution received its banking license from the Maldives Monetary Authority (MMA) in October 2024, followed by an official inauguration in November 2024. But the MMA granted the final permit to commence commercial operations on January 26 this year.
While the DBM is a cornerstone of Muizzu’s economic agenda, the institution has faced public criticism due to delays in becoming fully operational.
Unlike other commercial banks in the Maldives, the DBM is designed to cater to large-scale businesses. According to the bank’s website, the institution is now open for companies and partnerships looking to establish accounts.
The bank’s service portfolio includes remote onboarding, allowing foreign investors to open accounts online, and cross-border optimization to facilitate rapid payments through multi-currency accounts.
The DBM has recently begun a recruitment drive, announcing several vacancies as it scales up its workforce.
