Noel Gregor Paterson-Jones has stepped down as the Chief Executive Officer of the Development Bank of Maldives Limited, just seven months after assuming the role.

The Privatization and Corporatization Board (PCB) confirmed his resignation, though no official reason has been disclosed.

The Development Bank of Maldives Limited was established on May 16, 2024, by President Dr. Mohamed Muizzu as a fully government-owned entity.

The bank was founded to drive sustainable economic and social development while securing funds for major infrastructure projects in alignment with government policies.

Key objectives of the institution include enhancing the appeal of foreign exchange deposits within the domestic banking sector and addressing financing challenges related to Public Sector Investment Program (PSIP) projects through syndication finance.