has acquired the agent bank
portfolio of US-based Fifth Third Bank, the company said.
At that point, the syndicate manager is usually appointed the agent bank
, which coordinates the loan between the borrower which is normally a corporation and participating banks ,
Under the new Balance Reconciliation, agent banks
will continue to enter individual transactions, but lenders will be able to match positions with the agent bank
by entering balances only.
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 Societe Generale Corporate & Investment Banking in the Americas.
Annual agent bank
fees can run into millions of pounds (GBP) per year.
Along with the agent banks
, more than 2,800 investment funds and lending entities administered by more than 250 leading funds managers and bank lenders have linked to the reconciliation service since Loan/SERV was launched in 2008.
NEW YORK & LONDON -- The Depository Trust & Clearing Corporation (DTCC) today announced that its Loan/SERV Reconciliation Services now links eight leading global agent banks
to more than 2,300 investment funds and bank lenders - representing more than half the global syndicated loan market - located in 37 countries across North America, Europe, Asia and Africa.
DTCC introduced its earlier Reconciliation Service in 2008, which enabled agent banks
and lenders to view and reconcile loans at a total commitment balance level; Contract Reconciliation followed in 2009.
The MCPS Agent Bank
Program delivers premium payment processing products and services behind the scenes enabling financial institutions to focus on their core business banking relationships.
THE WOODLANDS, Texas -- Merchants' Choice Payment Solutions (MCPS), announced the acquisition of the portfolio of agent bank
relationships from Silverton Bank in Atlanta, Georgia.
Morgan, the largest global agent bank
in the syndicated loan market,
Century") to manage and expand the RBS WorldPay Agent Bank
a wholly-owned subsidiary of Webster Financial Corporation [NYSE:WBS], and First USA today announced they have extended their existing agent bank
The refinancing, obtained from a syndication group headed by administrative agent Bank
of America and syndication agent Silicon Valley Bank, reduces the rate on the Company's debt by 4.
Clearent's ISO and Agent Bank
customers have online access to merchant boarding, residual management, and search and reporting functions, all backed up by outstanding customer service.