The Bank of Maldives (BML) has applied for a license to open a branch in neighbouring Sri Lanka.

BML CEO Mohamed Shareef told Public Service Media (PSM) that a feasibility study and proposal have been submitted to the central bank to open a branch in Sri Lanka.

"Now we have applied to the central bank for a license to open a branch in Sri Lanka. Then there are many things to look at when opening a branch abroad," he said.

Shareef said he believed that BML could open a branch in Sri Lanka with the current capital. He said the bank's capital has increased to MVR 16 billion in recent years.

"If we are looking to move to a major financial centre other than Sri Lanka, our capital should be quite large. The bank's capital has been growing quite a lot over the years and is now at around MVR 16 billion," he said.

If BML opens a branch in Sri Lanka, it will be the first BML branch abroad.

BML has 42 branches and 267 ATMs in 20 atolls. The bank is still expanding its services across the country.