Hilary Galea-Lauri joins Sparkasse Bank Malta plc as Independent NED and Chairman of the Audit Committee

On Thursday, Hilary Galea-Lauri announced that he will be starting a new position as Independent Non-Executive Director (NED) and Chairman of the Audit Committee at Sparkasse Bank Malta plc.

Sparkasse Bank Malta is licensed by the Malta Financial Services Authority (MFSA) to provide services tied to banking, investment, wealth management, and depository and custody services.

In his announcement, he underscored his excitement about contributing to the Bank’s success and shared his commitment to working with colleagues on the board and committee.

This is to “ensure it maintains the highest standards of financial integrity, the effectiveness of the bank’s internal controls and corporate governance, besides ensuring its continued compliance with the applicable laws and regulations.”

Furthermore, in comments given to MaltaCEOs.mt, Mr Galea Lauri expanded his thoughts and noted that his new journey at Sparkasse comes at a pivotal moment as significant changes in banking laws and regulations are on the horizon.

The changes, he added, will have far-reaching implications for the banking sector and its stakeholders.

From enhancing consumer protection and promoting financial stability to fostering innovation and competition, “these changes have the potential to transform how financial institutions operate and interact with their customers.”

Mr Galea Lauri noted that the evolving regulatory landscape is also “likely to spur greater collaboration” between traditional banks and fintech firms, driving innovation and the development of new financial products and services.

He remarked that this dynamic and competitive ecosystem could benefit consumers by providing improved access to innovative financial solutions.

“I believe that it is more important than ever for stakeholders across the banking industry to closely monitor these developments and adapt proactively to a changing regulatory environment,” he added.

He wrapped up his thoughts by noting that it is by staying abreast of the evolving landscape and embracing a culture of compliance and innovation, that banks can position themselves for success “in an increasingly complex and competitive marketplace.”

Mr Galea-Lauri is a seasoned auditor with 38 years of experience working with corporate services provider KPMG Malta.  He stepped down from the role last year and has since taken on a number of other board-level positions at various organisations, such as The Parents Foundation for Education, the Malta team of dLocal, Vassallo Group and most recently RS2 plc.