Societe Generale is the first French bank to link to the reconciliation service in North America.
Societe Generale Corporate & Investment Banking in the Americas Head of Financing Operations Michele Ushkowitz said that the reconciliation service should provide the bank 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.
Societe Generale joins the list of top 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 and Wells Fargo.
DTCC vice president, Global Loans Products Mathew Keshav Lewis said that Loan/SERV is the only service that provides a global reconciliation solution for the syndicated loan market, serving more than 3,100 banks and loan investment vehicles in more than 45 countries across North America, Latin American, Europe, Asia and Africa.
Syndicated loans involve multiple lenders for each borrower, with agent banks acting as the liaison, transmitting information between parties. Loan/SERV automates the process and enables agent banks and lenders to view and reconcile loans on a position basis, or at a more detailed level ranging from the commitment and transaction level down to the individual contracts, drawings and fees with all relevant transactions details.
Along with the agent banks, more than 3,100 investment funds and lending entities administered by more than 270 leading funds managers and bank lenders have linked to the reconciliation service since Loan/SERV was launched in 2008.
