Bank of Maldives Set To Welcome New Chief Executive Officer

Bank of Maldives (BML) has announced their decision to appoint Mr. Karl Stumke as the New Chief Executive Officer (CEO) of the bank. In his new position, Karl brings more than 36 years of experience to the table, filling in numerous Executive and Board roles in Retail and Corporate banks of Middle East, Africa, Indian Ocean and the United Kingdom. Before stepping in as CEO of BML, he has served as CEO of Al Ahli Bank of Kuwait in United Arab Emirates (UAE).

In 2010, Karl first joined Al Ahli Bank of Kuwait as General Manager of International Banking division, where he oversaw an extensive corporate portfolio before being promoted to CEO of their UAE branch in 2017. He has also worked at Bank Muscat International Bank in Bahrain in the past, serving as their Regional Corporate Director. During that time, he was in charge of supervising the Corporate, Commercial, SME and Islamic banking propositions of the bank.

In addition to his work in the Middle East, Karl even worked at Barclays Bank Mauritius as their Regional Managing Director in the Indian Ocean. Furthermore, he has filled several executive roles in Barclays branches of Africa and the Indian Ocean. This include holding Executive Directorships at Barclays Bank Tanzania and the non-Executive Directorships in various institutions such as Money on Demand, Barclays Leasing and Barclays Bank Seychelles.

Speaking about his appointment, Karl Stumke said “I am absolutely delighted to take on the leadership of BML and with the continued support from the Board, executive management and staff, the next phase of its strategic direction. We will put our customers at the centre of everything that we do and strive to exceed their expectations through the provision of innovative and value added products and solutions. BML is a fantastic success story and I look forward to being part of that family and its role in supporting the Republic of Maldives and its citizens”.

Karl holds a Bachelor’s Degree in Accounting Science from the University of South Africa and is an Associate of the Chartered Institute of Bankers (South Africa). Adding to his impressive resume is various executive programmes he completed in France, Switzerland and South Africa.