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Sparco Bank AG
THE PAST… On 31st of July 1990, the then Chief of Staff Commander B. Sital, by Order Of Chief of Staff No. 056, reported the formation of a Cooperative. On January 5th 1999 by Order No. 1477, on the recommendation of the Minister of Justice and Police granted permission by the President of the Republic of Suriname with regards to the establishment of the proposed cooperative association known as ”Savings and Credit Cooperative National Army G.A.” or more commonly referred to as “SPARCO”. The nomination of the Minister of Justice and Police was based on the petition on the historic day on the 8th of October 1991 for the establishment of SPARCO.
Under the directives of the Central Bank of Suriname on the 15th of October 2001, SPARCO Board was instructed to have the articles of association published in the advertisement magazine of the Republic of Suriname. This assignment was carried out and the articles of association were listed in the Official Gazette of Tuesday, 30th October 2001. SPARCO was later registered on the 12th of August, 2002 with the Suriname Chamber of Commerce and Industry and was included in its trade register under file number 37460.
From January 1, 2003, the Soldaat Swa, M. registration number 71.01.17 was transferred to SPARCO, to take the place of other members of staff in other functions within the National Army of Suriname. On the 1st of March 2003, SPARCO, in accordance with Article 4 Paragraph 1 of the Banking Supervision Act and Credit System (G.B. 1968 No. 63) was upgraded into a Credit Union Bank, and placed under the supervision of the Central Bank of Suriname.
THE PRESENT AND FUTURE… SPARCO underwent positive transformation in 2018, under a new management headed by a team of international financial specialists. In May, 2021 SPARCO evolve itself into a banking entity within the international financial fraternity with the offer of Wealth Management, Investment Banking, Trade Finance, Structured Financing and Digital Banking. SPARCO initiated partnerships with banks, international financial companies to springboard its initiatives internationally. Despite Pandemic and other global challenges, the new SPARCO Bank AG evolved and ready to undertake new challenges as it presents itself. SPARCO Bank is determined with 30 years of establishment and as the pride of Suriname’s national service… its rich history shall be its backbone for the future.
SPAAR–EN KREDIET COÖPERATIE NATIONAAL LEGER G.A., transformation into SPARCO BANK AG is now complete… Welcome to our future in the world of banking.
