Noel Grega Patterson-Jones has stepped down as the Chief Executive Officer (CEO) of the Development Bank of Maldives (DBM), as confirmed by the Privatisation and Corporatisation Board (PCB).

His resignation comes at a critical juncture, with the bank still in its early stages of operation after being established in May 2024.

Patterson-Jones, who took on the role in August 2024, was tasked with leading the bank through its initial phase. DBM was set up to be a key institution in supporting national infrastructure projects, assisting businesses, and driving economic growth in the country.

As a Government-owned entity, DBM was created to address challenges in financing infrastructure projects and to promote sustainable economic and social development, aligned with national policies. The bank's main objectives include raising funds for infrastructure through syndication finance and boosting the retention of foreign currency in the country's banking system.

Minister of Economic Development and Trade Mohamed Saeed had also previously emphasised that the bank would play a crucial role in securing financing for public sector investment projects (PSIP) and ensuring long-term sustainable growth for the nation.