Société Générale (SocGen) in North America will link to Depository Trust & Clearing Corporation’s (DTCC) Loan/SERV reconciliation service as both agent bank and lender to help automate and streamline the processing of syndicated loans, enabling the bank to view and reconcile loan positions with thousands of lenders on a daily basis. SocGen is the first French bank to link to the reconciliation service in North America.
SocGen joins the growing list of top tier global agent banks that use the reconciliation service to view and reconcile loan positions and accruals. Other agent banks using Loan/SERV are BNY Mellon, Barclays Capital, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, The Royal Bank of Scotland (RBS) and Wells Fargo.
“As our role in the global syndicated loan market grows, we are dedicated to ensuring that we, as an agent bank, and our lenders agree on loan positions and the accruals that take place during the life of the loan,” said Michele Ushkowitz, head of financing operations for SocGen corporate and investment banking in the Americas. “The reconciliation service should provide us with a solution that automates this process on a daily basis, especially in the more liquid and diversified North American market, boosting efficiencies and position accuracy while helping to reduce risk.”
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.