Noel Gregor Paterson-Jones, the Managing Director and CEO of the Development Bank of Maldives (DBM), has resigned just seven months before the bank is required to begin operations. His resignation was confirmed on Sunday by the Privatization and Corporatization Board (PCB), which said in a social media post that Paterson-Jones had submitted his resignation, and it had been accepted. The reason for his resignation was not immediately clear.
DBM, which opened an office in Malé on 16 November on the government’s one-year anniversary, has yet to commence its operations. Paterson-Jones, who had been appointed to oversee the launch of the bank, previously held the position of Chief Investment Officer at Saudi Arabia’s National Infrastructure Fund.
The establishment of a development bank was one of Muizzu’s key electoral pledges.
The resignation casts uncertainty over the future of DBM, which received its operating licence from the Maldives Monetary Authority (MMA) on 31 October 2024 and is required to begin operations before 12 October 2025.
The state-owned bank’s leadership also includes Aruni Goonetilleke, who has been appointed Chairman of the Board, and a group of experienced professionals, including Ahmed Ali, Saeed Abdul Nasir Bin Saeed Hassan al-Junaid, and Robert Daniel Kant.