Euroclear Bank announces that Credit Suisse and Socit Gnrale Corporate & Investment Banking have signed up to Euroclear Bank’s LoanReachTM service for syndicated loan transactions.
Stuart Mangan, a Director and Global Head of Loan Operations & Support at Credit Suisse, said: “Euroclear 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’s unique loan identifier and reconciliation features.”
Martin Lelong, Project Director at Socit Gnrale Corporate & Investment Banking, stated: “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.”
Christian Schaef, Director, Loan Servicing Product Management at Euroclear, added: “Euroclear welcomes Credit Suisse and Socit Gnrale 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.”
At the moment, 15 clients are testing LoanReach.
D.C.