Bank of Maldives Plc was inaugurated on November 11, 1982. The Bank started commercial operations as a joint venture bank with 60% shares held by the Government of the Maldives (including its Agencies and Maldivian Companies) and 40% shares owned by International Finance Investment Company Limited (later IFIC Bank Limited), Dhaka, Bangladesh.

Following divestment by IFIC in 1992, the Government assumed a majority shareholding. The Bank is now listed on the Maldives Stock Exchange with the Government holding 62.2%, State Owned Enterprises 4.1%, and the balance is held by public shareholders.