Karl Stumke appointed BML’s Managing Director

Karl Stumke, who is currently serving as Bank of Maldives’ (BML) Chief Executive Officer (CEO), has also been appointed as the bank’s Managing Director.

Privatization and Corporatization Board (PCB), on Wednesday, said that BML’s Board of Directors had decided to appoint Stumke as the bank’s Managing Director.

Stumke was appointed CEO of BML back in October.

According to the bank, Karl brings over 36 years of experience leading retail and corporate banks at executive and board level in the Middle East, Africa, Indian Oceans and the United Kingdom.

He most recently served as CEO of Al Ahli Bank of Kuwait in United Arab Emirates.

Stumke joined Al Ahli Bank of Kuwait as the General Manager of its International Banking division in 2010 where he oversaw a wide corporate portfolio before being appointed as CEO of their UAE operations in 2017. Prior to joining Al Ahli Bank of Kuwait, Karl held the position of Regional Corporate Director at Bank Muscat International Bank in Bahrain and was responsible for its corporate, commercial, SME and Islamic banking propositions. Karl was also the Regional Managing Director, Indian Oceans at Barclays Bank Mauritius.

Stumke has held executive directorships at Barclays Bank Tanzania as well as non-executive directorships in various institutions including Money on Demand, Barclays Leasing and Barclays Bank Seychelles.

He is an associate of the Chartered Institute of Bankers (South Africa), holds a Bachelor’s Degree in Accounting Science from the University of South Africa and has completed executive programs in France, Switzerland and South Africa.