Bank of Maldives (BML) has appointed its former Deputy CEO, Mohamed Shareef, as the new CEO, marking a significant development for the bank and the country. This appointment follows the resignation of the former CEO, Karl Sutmark, who stepped down last month after the government accused the bank of orchestrating an "attempted coup" following controversial changes to its card transactions policy.

The policy change, which restricted foreign transactions using BML cards, was reportedly made against the direct instructions of President Dr. Mohamed Muizzu and senior government officials. The decision caused significant backlash, resulting in the government's intervention in amending the Company Act and restructuring the BML Board of Directors. Notably, the government appointed the current Cabinet Secretary as the Chairman of the bank.

Mohamed Shareef, now the first Maldivian to hold the CEO position in the bank's 42-year history, previously served as BML's Deputy CEO but resigned in 2019 amid allegations of corruption and involvement in the MMPRC corruption scandal. Shareef was summoned before the State-Owned Enterprises Committee in Parliament in 2019 over these allegations, but he eventually resigned from his post.

His return to BML in such a significant role is seen by many as a turning point, though the cloud of past controversies continues to loom over his appointment.