Sparkasse Bank Malta, the Bank for the Investment Services sector
Sparkasse Bank Malta’s vision is to continue to develop its services toward the investment services community with the aim of becoming a bank of choice in Europe for Investment services firms and is well on its way to doing so. Since Paul Mifsud took over as CEO of Sparkasse Bank Malta in 2007, the bank has evolved significantly, diversifying away from providing basic banking services, to services related to the fund and investment services sector in Malta and now seeks to emulate this in other EU jurisdictions.
As Sparkasse Bank Malta grew, one of its objectives was to offer its customers the ability to not only carry out basic banking transactions but also to execute their investment activities. “When I was appointed CEO of the bank, one of my main objectives was to transform the bank into a semi-investment services bank where we would have the banking arm, but also have a very strong investment services arm,” said Mifsud. Today, the bank’s investment services are in high demand by investment managers, corporations, and fund managers alike. Hence, Sparkasse Bank Malta continues to invest heavily in infrastructure, technology, and the necessary resources to propel the bank further in its quest for increasing market share in the investment services space. Recently, the bank launched a new website and invested in a new IT software application to help automate processes and make its operations more efficient.
Sparkasse Bank is now a major player in the provision of custody services to the funds industry in Malta. According to Paul Mifsud, “We were one of the first banks to actively promote depository and custody services that help sustain the fund industry in Malta, and today we represent about 40% of that segment of the market.” Despite its accomplishments, Sparkasse Bank is committed not only to growth, but it is focused strongly on forming long-lasting relationships with its customers. “We are one of the few banks that still prioritize establishing long-term relationships with our customers. We foster relationship banking, focused on service,” Paul Mifsud says.
Sparkasse Bank Malta offers a variety of investment services, including advisory and non-advisory services, execution, settlement services, and custody. In its advisory capacity, Sparkasse Bank Malta takes a hands-on approach and is involved in the building of investment portfolios. This service is geared towards less-experienced investors who prefer the guidance of licensed investment advisers. These customers have detailed discussions with the banks advisers, and tailored investment strategies are carefully recommended based on the customer’s risk preferences, investment horizon, desired rate of return, and financial objectives. Customers who are more comfortable selecting their own investments can utilize Sparkasse Bank Malta in a non-advisory capacity and still benefit from the bank’s resources to buy, sell, and hold their investments. The bank offers a broad range of investment vehicles, including but not limited to government bonds, corporate investment-grade bonds, high-yield bonds, strategic bond funds, regional equity funds, and equities. Sparkasse Bank Malta also offers settlement services to customers who execute trades via the bank’s Trade Desk platform or other brokerage firms. The bank’s settlement capabilities extend to 80 countries, with a dedicated team of experts to support and guide customers on settlement matters and asset types.
Sparkasse Bank launches branch in Ireland
Sparkasse Bank Malta plc is spreading its wings across Europe and is authorized by the Central Bank of Ireland to act as depositary to Irish authorized investment funds. The bank was granted its licence to provide custody and depositary services in Ireland, which they have been doing since 2008. The launch of Sparkasse Bank Malta in Dublin is a major growth achievement. Despite its aggressive growth objective, Sparkasse Bank will continue to adhere to strict customer acceptance guidelines and is therefore very selective regarding to whom, and in what jurisdiction, it offers its services.
About Sparkasse Bank Malta
Sparkasse Bank Malta plc was established in 2000 and has been operating in Malta for over two decades, offering private banking, depository, and custody services to its growing clientele.
The bank is licenced by the Malta Financial Services Authority as a credit institution via the Banking Act and as an investment firm and depository via the Investment Services Act. Sparkasse Bank Malta’s banking and investment services are geared mainly towards corporate entities, private customers, funds, and asset managers, and today Sparkasse Bank Malta has approximately U.S. $8.3 billion of assets under custody. Paul Mifsud was appointed as CEO of the bank in 2007 and has been overseeing its operations ever since.
The bank provides investment services, including advisory and non-advised services, execution, settlement services, and custody. Sparkasse’s Custody Division offers high-quality custodian and securities services to foreign institutional investors, professional investor funds, Fund of Funds managers, financial institutions, domestic mutual funds, corporate investors, high net worth investors, and brokers. Sparkasse’s vision is to grow its enterprise into a recognized European financial institution as a provider of banking, investment, depositary, and fund custody services, excelling in service and expertise.