The Development Bank of Maldives (DBM) has announced the appointment of two distinguished foreign professionals to its top positions. Noel Gregor Paterson-Jones, a British national, has been appointed as CEO, while Aruni Gunathilake, a resident of Nagpur, India, has been named chairperson.

Both appointees were introduced to President Dr. Mohamed Muizzu at the President's Office today. Their extensive experience in international financial institutions is expected to bring valuable expertise to DBM.

Aruni Gunathilake, the newly appointed chairperson, is a seasoned financial services expert with over 25 years of experience. She previously served as Chairperson of Hatton National Bank in Sri Lanka for two years and was the Head of Corporate Banking at People's Bank from 2016 to 2021. Her career also includes a tenure at Singapore's Standard Chartered Bank.

Noel Gregor Paterson-Jones, the new CEO, has a robust background in investment and infrastructure finance. He most recently served as Chief Investment Officer for the National Infrastructure Fund in Saudi Arabia. Prior to this role, Paterson-Jones was the Managing Director of the UK Green Investment Bank from 2013 to 2016 and the Chief Executive Officer of Sterling Waterford Securities from 2004 to 2013.

President Muizzu praised the appointments, noting that DBM's leadership in these pivotal roles is critical for the bank's success. He highlighted the establishment of DBM as a key promise from his presidential campaign, aiming to significantly impact the country's economic revival. The bank is envisioned as a central hub for attracting and managing investments, playing a vital role in the Maldives' development strategy.

The DBM was officially established in May following a presidential resolution, and its creation is part of a broader effort to enhance the Maldives' financial infrastructure. In January, the Maldives International Financial Service Authority (MIFZA) was set up to formulate regulations for the bank.

With the appointments of Paterson-Jones and Gunathilake, DBM is poised to advance its mission of providing long-term financing and support for essential economic and development projects, reinforcing the Maldives' growth trajectory.