LoanReach service signs up Credit Suisse and Societe Generale
09 November 2010 Brussels
Image: Shutterstock
Euroclear Bank announces today that Credit Suisse and Soci茅t茅 G茅n茅rale Corporate & Investment Banking have signed up to Euroclear Bank鈥檚 LoanReachTM service for syndicated loan transactions.
Stuart Mangan, a Director and Global Head of Loan Operations & Support at Credit Suisse, said: 鈥淓uroclear provides a valuable solution to substantially reduce operational inefficiencies within the syndicated loan industry. Credit Suisse is using LoanReach to process its syndicated loan transactions, leveraging the service鈥檚 unique loan identifier and reconciliation features.鈥�
Martin Lelong, Project Director at Soci茅t茅 G茅n茅rale Corporate & Investment Banking, stated: 鈥淲e 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.鈥�
Christian Schaef, Director, Loan Servicing Product Management at Euroclear, added: 鈥淓uroclear welcomes Credit Suisse and Soci茅t茅 G茅n茅rale Corporate & Investment Banking as LoanReach clients. Through continuing market dialogue, we aim to meet the evolving needs of the syndicated loan market with a range of integrated post-trade services. We look forward to welcoming more clients in the near future, as their testing periods end and the added value of LoanReach is confirmed.鈥�
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鈥檚 portfolio reconciliation feature enables agents and lenders to reduce their operational workload and risks by easing portfolio reconciliations, whilst 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.
LoanReach is the first and only multi-currency, delivery-versus-payment (DvP) settlement service for secondary market trades in syndicated loans. The automated DvP settlement service fills a major efficiency gap in the syndicated loan business, reducing operational costs and risks for secondary market loan trading.
Future plans include DvP settlement for primary market syndicated loan transactions, as well as automated agent notifications of primary and secondary market loan transactions.
Stuart Mangan, a Director and Global Head of Loan Operations & Support at Credit Suisse, said: 鈥淓uroclear provides a valuable solution to substantially reduce operational inefficiencies within the syndicated loan industry. Credit Suisse is using LoanReach to process its syndicated loan transactions, leveraging the service鈥檚 unique loan identifier and reconciliation features.鈥�
Martin Lelong, Project Director at Soci茅t茅 G茅n茅rale Corporate & Investment Banking, stated: 鈥淲e 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.鈥�
Christian Schaef, Director, Loan Servicing Product Management at Euroclear, added: 鈥淓uroclear welcomes Credit Suisse and Soci茅t茅 G茅n茅rale Corporate & Investment Banking as LoanReach clients. Through continuing market dialogue, we aim to meet the evolving needs of the syndicated loan market with a range of integrated post-trade services. We look forward to welcoming more clients in the near future, as their testing periods end and the added value of LoanReach is confirmed.鈥�
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鈥檚 portfolio reconciliation feature enables agents and lenders to reduce their operational workload and risks by easing portfolio reconciliations, whilst 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.
LoanReach is the first and only multi-currency, delivery-versus-payment (DvP) settlement service for secondary market trades in syndicated loans. The automated DvP settlement service fills a major efficiency gap in the syndicated loan business, reducing operational costs and risks for secondary market loan trading.
Future plans include DvP settlement for primary market syndicated loan transactions, as well as automated agent notifications of primary and secondary market loan transactions.
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to 麻豆传媒 Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to 麻豆传媒 Finance Times
