Development Bank Chairperson Resigns Before Bank Begins Operations

The Chairperson of the Development Bank of Maldives Limited (DBM), Aruni Gunatilaka, has resigned from her position before the bank commenced providing services to the public.

The resignation has been confirmed by the Privatization and Corporatization Board (PCB) as well as the Development Bank.

According to available information, Aruni submitted her resignation last Wednesday. However, no official authority has disclosed the specific reason for her decision to step down.

The Development Bank was officially inaugurated on 16 November 2024 as part of President Dr. Mohamed Muizzu’s presidential pledge to establish a bank that would finance major projects needed to support the country’s economic development. However, despite nearly two years having passed since the bank was established, it has yet to begin issuing any loans.

Aruni Gunatilaka is a highly experienced international banking and finance professional. She holds a Master of Laws (LL.M.) from Harvard University and has served in senior positions at banks and international financial institutions in Sri Lanka, specializing in business origination, corporate governance, and credit risk management.

Her resignation comes at a crucial time, as the Development Bank is preparing to begin its operations. The sudden departure of the chairperson occurs while the bank is still in the process of getting ready to launch its services.