Credit Suisse and SocGen Adopt Euroclear Bank's LoanReach Service
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.”