DBM Chair Steps Down as Bank Still Awaiting Full Operational Launch

The Chair of the Development Bank of Maldives (DBM), Aruni Goonetilleke, has resigned from her post as the state-owned bank continues to show limited operational progress since receiving its licence more than a year ago.

Chief government spokesperson Mohamed Hussain Shareef (Mundhu), citing the Privatisation and Corporatization Board (PCB), confirmed to MV+ that she tendered her resignation last week but did not provide any information on the reason for her departure. 

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Goonetilleke, who was appointed as chair alongside the establishment of the bank, has over 25 years of experience in the financial sector. Her appointment came after Noel Gregor Paterson-Jones was named Managing Director and CEO of DBM in August 2024.

Paterson-Jones resigned from his position in March 2025, with the Privatisation and Corporatisation Board confirming his departure but not disclosing the reasons.

The Development Bank of Maldives was established in May 2024 as part of a key government pledge to create the country’s first investment and development bank. The Maldives Monetary Authority granted it an operating licence in January 2025.

However, despite expectations that it would begin providing long-term financing and investment support across sectors such as tourism, housing, renewable energy and real estate, no major financing programmes or operational activities have been publicly launched to date.

Last month, Mundhu said work on establishing the bank was still ongoing but did not provide a clear timeline for its operational rollout. He said the government continued to engage with potential foreign investors and had held discussions with international partners, including experts from the United Arab Emirates, on the bank’s structure.

He added that further updates on the bank’s development would be announced at a later stage.

The resignation of the chair adds to ongoing uncertainty surrounding the institution, which was positioned as a central vehicle for development financing and private-sector investment in the Maldives.