Sparkasse Bank Malta – first credit institution in the EU approved as Validation Agent for LEI

On 11th of November, the Global Legal Entity Identifier Foundation (GLEIF) announced Sparkasse Bank Malta plc as the new Validation Agent within the Global Legal Entity Identifier (LEI) System.

The LEI is a 20-character, alpha-numeric, code that is necessary for legal entities that want to fulfill their regulatory obligations and participate in financial transactions and stock market investments. Therefore, entities holding investments in stock markets require an LEI to trade and have this renewed annually.

The LEI management service is a valuable addition to the bank’s current investment solutions.

In his comments, Sparkasse CEO and Managing Director Paul Mifsud said “it is a privilege to have been accepted as validation agent for LEI’s.”

“This service fits well with our philosophy to establish long-term relationships with our customers ensuring the provision of efficient and seamless financial solutions,” he added while stressing the fact that the bank recognises “the LEI’s value in creating the transparency that strengthens ties between organisations.”

“Our approval as a Validation Agent is a significant milestone,” Mr Mifsud affirmed and went on to say that “it enables us to streamline our approach to client lifecycle management, enhance our customer experience, and provide a uniquely powerful foundation to create new value-added services for our corporate clients."