Bank of Maldives has appointed Karl Stumke as its managing director and CEO.

Mr. Karl Stumke, Chief Executive Officer of the Bank, has been appointed as a member and managing director of the Board of Directors of the Bank of Directors, the Privatization and Corporatisation Board said in a statement.

Karl has over 36 years of experience at executive and board levels in retail and corporate banks in the Middle East, Africa, the Indian Ocean, and the UNITED Kingdom. He joined the Bank of Maldives after serving as CEO of Al Ahli Bank of Kuwait in the United Arab Emirates.

Before al-Ahli joined the Bank of Kuwait, Karl was the regional corporate director of Bahrain-based Bank Muscat International. In this position, he oversees the bank's corporate, commercial, SME, and Islamic banking services. Karl has also served as The Indian Oceans, Regional Managing Director, at Barclays Bank Mauritius.

In addition, Karl served as executive directorship at Barclays Bank Tanzania. He has held non-executive directorship positions in various agencies. These include Money on Demand, Barclays Leasing, and Barclays Bank Seychelles.

Karl is an associate of the Chartered Institute of Bankers (South Africa). He holds a Bachelor's Degree in accounting science from the University of South Africa. He has also completed executive programs in France, Switzerland, and South Africa.