Atlanta, United States of America – 01st March 2024 (Friday)
PRESS RELEASE by Sparco Press Team (info@sparcobank.com)
Sparco Bank AG Taking Another Leap Into The Global Financial Fraternity With The Appointment As The “Clearing Bank” For Niisitapi Sovereign Bank, SASG
Robert Vashisth, Chairman and CEO of Sparco Bank AG (Sparco) along with C.K. Low, Managing Director and Albert Daliposki, Executive Director of Sparco Bank were seen gleaming with pride as Sparco was set to take another dramatic swing upwards in the financial world with the appointment of Sparco as the “Clearing Bank” for Niisitapi Sovereign Bank (NSB). It is an upgrade for Sparco in the competitive yet clinical International banking industry.
“Sparco hopes to extend wider geographical coverage with mergers and acquisitions of financial institutions in strategic regional locations”, said C.K. Low in delight. Acknowledging the statement was Art Sao, Senior Member of NSB Governing Committee. He said that NSB lauded the move as timely as NSB planned to engage in expanding its global presence through such effort. According to Art, timing is the key.
NSB is a private legal entity with public and private shareholders, whereas Sparco Bank is an investment, trade finance and neo bank, which was formerly a South American Army Credit Union Bank established since 1990.
Banking done right, indeed!
Based on its Articles of Association, the official function of SASG has multi-layered values such as: (http://niisitapisovereignbank.org/about-the-central-bank)
- Supervisory Authority of the Banking,
- financial and insurance sector, and of guarantor of the protection of the investors;
- managing, governing and supervising the payment systems;
- managing the Treasury and Tax Department services on behalf of the State, Public Authorities and Autonomous Undertakings;
- depositary of the financial resources of the State and Entities and Authorities of the Extended Public Sector;
- institutional reference point for International Organisations, central banks, foreign financial supervisory authorities and similar entities;
- processing and publishing statistics on the entities it supervises and their activities; State agent for the management of national debt certificates;
- consultancy services to the State as regards to economic issues, specifically with reference to the financial sector and the public finance.