Credit Suisse and Société Générale Corporate & Investment Banking have signed up to Euroclear Bank’s LoanReach service for syndicated loan transactions. At the moment, 15 clients are testing LoanReach.
LoanReach offers a free-of-charge service to allocate unique identifying codes for syndicated loans. It also provides a centralised loan database, as well as customised reporting possibilities for agent and lender portfolios. LoanReach’s portfolio reconciliation feature enables agents and lenders to reduce their operational workload and risks by easing portfolio reconciliations, while maintaining confidentiality of loan information. A key purpose is to decrease the number of reconciliation failures between agents and lenders, resulting in more efficient and accurate processing of cash-related operations, which will benefit lenders and agents alike.
Martin Lelong, project director at Société Générale Corporate & Investment Banking, said: “We have been testing LoanReach for some time and are convinced that this automated solution for processing syndicated bank loans will benefit us. We believe LoanReach will increase operational efficiency, while reducing risks and costs, as it removes the paper-based and manual workload associated with loan transaction processing.”
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.